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Extension of Restatement Deadlines for 403(b) and Defined Benefit Plans; Plan Loan Extensions Under CARES Act
Ferenczy Benefits Law Center 
[Guidance Overview] Apr. 1, 2020 "The remedial amendment period for 403(b) plans was set to expire on March 31, 2020. The IRS announced that it is extended to June 30, 2020.... The remedial amendment period for the second six-year cycle for defined benefit plans, which was due to end on April 30, 2020, is extended to July 31, 2020.... The actual language of CARES provides that the deadlines of Code section 72(p) are automatically delayed statutorily for a one-year period for eligible loans.... If an employer has taken action which, by definition, causes the employee to be eligible for the loan delay, it should modify the loan procedure to permit it to suspend loan payments automatically while the crisis is at hand." MORE >> |
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