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COVID-19 Retirement Plan FAQs for Employers
Troutman Sanders 
Mar. 25, 2020 "Does the COVID-19 emergency satisfy the requirements of an immediate and heavy financial need for a hardship distribution? ... Can our plan permit in-service withdrawals, other than for hardship, that are not subject to the 10% early termination penalty tax? ... Are there restrictions on whether we can approve an employee's loan request? ... Do we have to continue withholding elective deferrals and remitting those contributions? ... Our company is struggling financially in connection with the COVID-19 emergency. We are considering layoffs. Could layoffs potentially affect our retirement plan?" |
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