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I always try to provide a Board Resolution for such an action. And an accompanying notice to the Eligible Participants. I have had a plan sponsor refuse to do a Resolution. They chose to rely on a general resolution included in the one adopted when the plan was adopted which permits an officer, etc. of the Corporation to take whatever actions are necessary and appropriate.

Why are you asking if they have been diagnosed? Our forms says (and I'm paraphrasing here): A "qualified individual" is defined as: 1) diagnose, spouse dependent; 2) suffered an adverse financial consequence as a result of ...." and then the verification: "I certify that I meet one or more of the criteria to be considered a "qualified individual" as described above." Get their signature, a date and move on. I don't *want* to know why they qualify, and the Act allows reliance on the self certification. Period.

I agree with Austin3515. Better safe than sorry.

It sure is. 3405(e)(10) applies. You can use Form W-4P or a substitute.

Not yet, but I will bet that it will definitely be an allowable situation under this part of the law: * Who has experienced adverse financial consequences due to other COVID-19-related factors to be specified in future IRS guidance.

I have a loan that originated on July 1, 2019. The loan ends on June 30, 2024. I am a qualified individual, and starting on April 1, 2020 I take advantage of the 1-year delay. My next payment is due April 1, 2021. As of April 1, 2020, before applying the provisions of CARES, I had a maximum term of 4 years, 3 months left to finish paying off my loan. Under CARES, the period of time between April 1, 2019 and March 31, 2019 is disregarded with respect to the 5-year limit of 72(p)(2)(B). Therefore, As of April 1, 2021, I still have 4 years, 3 months left to finish paying my loan. Therefore my final due date is now June 30, 2025.

Any expansion of voting rights are included the ESOP plan document rather the bylaws. The reason is participants are not legally the owner of the company stock. The trustee is the legally owner. If you want to have participant vote on stock sales, it has to be in the plan document.

Wave's hand in air and says: Move along.

There is a lot of history to this. Cutting right to the chase, Kurt and I think the best thing you can do is to contact Marty Pippens. He is very familiar with the issue since he was at the IRS when those 415 regs were finalized. Keep us posted.

The instructions to Form 5330 don't indicate any exception. I suppose if you absolutely KNEW what the match formula would be, and there was already money in their accounts from prior years, you could withdraw from the hard assets rather than the receivable. And it's not like the sponsor could just pay the person the would-be-refunded amounts early, because that's not a payment from the plan itself.