DOL, IRS, EBSA Issue Guidance Further Expanding COVID-19 Relief for 401(k) Plans

“On April 29, 2020, three key governmental agencies issued two separate pieces of official guidance further expanding COVID-19-related relief for 401(k) retirement plans and other employee benefit plans and arrangements.

First, the Department of Labor (“DOL”), acting through the Employee Benefit Security Administration (“EBSA”), and the Internal Revenue Service (“IRS”) jointly issued a final rule (“Final Rule”) entitled “Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak.” Second, EBSA issued “EBSA Disaster Relief Notice 2020-01” entitled “Guidance and Relief for Employee Benefit Plans Due to the COID-19 (Novel Coronavirus) Outbreak.”

Both pieces of guidance supplement and expand upon earlier official pronouncements that extended various deadlines with respect to 401(k) plans in response to the global crisis.” Continue reading.

Source: Compliance Dashboard