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CARES Act Retirement Plan Distributions: New IRS Rules, Key State Law and Benefit Offset Issues

Strafford

Sept. 9, 2020
1:00 p.m. - 2:30 p.m. EDT
Webcast

Note: CPE credit is not offered on this program

This webinar will provide employee benefits counsel an in-depth analysis of the nuances and potential compliance traps of CARES Act retirement plan distributions and state law and benefit offset issues. The panel will discuss recent IRS guidance for CARES Act distributions and loans and key ERISA compliance issues. The panel will also discuss critical state law considerations and benefit offset concerns, as well as effectively administering claims, and will offer best practices in limiting and defending disputes.

On June 19, 2020, the IRS significantly expanded the categories of "qualified individuals" who can receive distributions and loans under the CARES Act. The recent guidance also provides favorable tax treatment for individuals under certain circumstances. Employee benefits counsel must grasp a complete understanding of the compliance issues and traps under ERISA along with crucial state law issues in administering distributions and loans under the CARES Act.

IRS Notice 2020-50 expands the scope of participants eligible for relief under the CARES Act and provides a process for re-contribution and taxation. The IRS update includes a safe harbor for re-amortizing loans, the impact on nonqualified deferred compensation programs, and other essential matters. However, employers and employees must consider the state law and benefit offset issues associated with any CARES Act retirement plan distributions.

Under federal law, the IRS provides some clarification of the treatment of CARES Act retirement plan distributions. State law issues remain unclear, such as whether these distributions will be subject to taxation under state law and whether they will reduce or offset unemployment or disability benefits.

Listen as our panel discusses the new IRS rules and expansions for retirement plan distributions and loans under the CARES Act, as well as state law and benefit offset issues, and will offer best practices in limiting and defending disputes.

Outline:

  • New IRS rules for CARES Act retirement plan distributions
    • Expansion of "qualified individuals"
    • Tax treatment of distributions
  • ERISA compliance issues and offset provisions for other income
  • Key state law considerations and benefit offset issues
  • Administering claims and best practices in limiting and defending disputes

The panel will review these and other key issues:

  • What are the key takeaways of recently issued IRS Notice 2020-50 for retirement plan distributions and loans?
  • What key compliance issues arise in light of the IRS expansion of "qualified individuals" under the CARES Act?
  • What are the state law and benefits offset issues for employers and employees to consider regarding CARES Act distributions?
  • What is the tax treatment of re-contribution under the new rules?
  • What is the impact on nonqualified deferred compensation programs?
  • What does the safe harbor provisions cover?

Faculty:

  • J. Rose Zaklad, Principal, Groom Law Group
  • David C. Olstein, Partner, Stroock & Stroock & Lavan

More Information, How to Register

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