Another week of unexpected challenges has passed and the retirement plan industry continues its efforts to respond to the demands of the novel coronavirus pandemic. Collected below are some recent PLANADVISER stories detailing the key actions of governments, advisers and providers as they seek to ease the economic pain. We hope you find some of what you read helpful and consider sharing with a client or colleague during this challenging time. Stay well!
While the text of the CARES Act generated some uncertainty, the Treasury Department has confirmed that the PPP offers help with employer contributions to retirement plans and toward health benefits for employees.
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The equity markets dropped by nearly 50% during the Great Recession of 2008 and 2009, but retirement plan account balances of those who stayed the course recovered their full value by 2010, despite the lingering economic challenges.
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Due dates for filings or actions that would otherwise have been due on or after April 1, and before July 15, have been extended to July 15.
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With passage of the CARES Act, Congress has demonstrated an ability to speedily enact ambitious bipartisan legislation that addresses the nation’s major challenges head on. Sources wonder whether the feat can be repeated.
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The IRS may determine that a ‘partial termination’ of a plan has occurred if a company undergoes sizable layoffs—but not furloughs—potentially impacting vesting schedules and other aspects of plan operations.
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