SECURE Act and CARES Act Still Demand Client Diligence
As an example, if a plan sponsor has not yet started tracking part-time employees to see whether they accumulate 500 hours of service in 2021, they should begin doing so immediately.
Legislative and Judicial Actions
DOL issues missing participant guidance; a plan trustee is sued for an unauthorized distribution; Washington extends certain CARES Act provisions; and more.
Warn Your Clients
Sponsors face hard choices about COVID-19 hardship withdrawals.
CARES Act Withdrawals From TSP Averaged $26,270
The nearly 4,000 withdrawals totaled almost $100 million.