"The IRS previously issued guidance under the [CARES Act] clarifying that employees furloughed or laid off due to COVID-19 but rehired by the end of 2020 would not be counted in determining whether a retirement plan incurred a partial plan termination for the plan year.... Under this new law, a retirement plan will not have a partial termination for a plan year if: [1] any portion of the plan year includes the period beginning March 13, 2020, and ending March 31, 2021; and [2] the number of active participants covered by the plan on March 31, 2021, is at least 80% of the number of active participants covered by the plan on March 13, 2020."

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