PLANADVISER Weekend Newsdash
Week ending April 17th, 2020

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!

Editor's choice
Retirement Plan Contributions Allowed Under Paycheck Protection Program
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. Read more >
Grit, Humility, Resolve Drive Investing Success in Tough Times
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. Read more >
DB Plans Get Relief for Certain Premium Payments and Filings
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. Read more >
A Time of Crisis. A Time to Solve Our Big Problems?
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. Read more >
Clients Must Treat Layoffs and Furloughs Carefully
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.   Read more >
MOST POPULAR STORIES
Stimulus Bill Extends Some Provisions of the CARES Act

It also provides a way for retirement plan sponsors to avoid a partial plan termination.

Coronavirus Hardship Withdrawals, Taxes and Your Retirement Plan Clients
Coronavirus-related withdrawals made in 2020 were a financial lifeline for some, but they could also turn into a major tax headache for others.
Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
Many Near-Retirees Don't Understand Social Security Benefits

More than one-third failed a basic Social Security quiz administered by MassMutual.

The Most Common Retirement Plan Testing Mistakes

By alerting plan sponsors to the issues they see most often, advisers can help their clients navigate IRS testing rules.

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