CARES Act: Employee Benefits Provisions, DOL Guidance, Relief for Sponsors of Certain Plans and Pensions

Strafford

This CLE webinar will provide employee benefits counsel, sponsors, and administrators an in-depth analysis of the impact of the Coronavirus Aid, Relief, and Economic Security (CARES) Act on employee benefit plans. The panel will discuss critical provisions of the CARES Act for plan sponsors and administrators, the impact on qualified retirement plans and pensions, the expansions for group health plans, and the authority of the U.S. Department of Labor. The panel will also discuss critical next steps for employers in light of the CARES Act.

The CARES Act has significant impacts on employee benefit plans, providing relief for participants and plan sponsors of qualified plans and expanded benefits for participants in group health plans. Employee benefits counsel and fiduciaries must understand the impact of the CARES Act and implement actions to assist plan participants while avoiding compliance pitfalls and potential liability.

The CARES Act has provisions offering flexibility to employees with benefit plans during the COVID-19 pandemic. It provides a "coronavirus-related distribution" for participants of qualified retirement plans under certain conditions. It also allows an increase in plan loan limits, delayed repayments, and a waiver of RMD for plan participants.

The CARES Act expands benefits for participants in group health plans and provides relief for companies that sponsor defined benefit pension plans. Employee benefits counsel must identify compliance risks and amend their current plans to align with the provisions of the CARES Act.

Listen as our panel discusses critical provisions of the CARES Act for employee benefits plans and offers vital next steps for plan sponsors and administrators.

Outline:

• Impact of CARES Act on retirement plans and pensions
• Impact of CARES Act, FFCRA on health and welfare plans
• Critical issues and guidance for plan fiduciaries
• Best practices and next steps for employers and administrators

The panel will review these and other key issues:

• What are the key provisions of the CARES Act impacting employee benefits plans?
• What is the interplay between provisions of the CARES Act and the Families First Coronavirus Response Act (FFCRA)?
• What obstacles arise for plan fiduciaries and what are best practices to overcome them?
• What are the critical next steps for employers and plan administrators to take in light of COVID-19, the CARES Act, and FFCRA?

Faculty: Dipa N. Sudra, Partner, Davis Wright Tremaine

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