APRIL 1, 2020
COVID-19: CARES ACT – RETIREMENT PLAN PROVISIONS
On March 27, 2020, President Donald Trump signed the Coronavirus Aid Relief and Economic Security Act (“CARES Act”) into law. The law contains a number of provisions that deal directly with retirement plan benefits.
These relief provisions apply only with respect to "Qualified Individuals" defined as those (1) diagnosed with coronavirus disease by a test approved by the CDC, or who have a spouse or dependent who is diagnosed with coronavirus disease in this manner, or (2) who have experienced adverse financial consequences as a result of being quarantined, furloughed, or having work hours reduced due to the virus, being unable to work due to lack of child care due to the virus, or the closing or reduced hours of a business owned by or operated by the individual as a result of the virus or "other factors" to be set out in future guidance.