Fine-Tuning Implementation of the CARES Act

The IRS has issued two notices and a FAQ to clarify how defined contribution (DC) plan sponsors should implement the provisions of the act, touching on required notices, tax reporting, and recordkeeping

Callan Survey: DC Plan Response to CARES Act Varied by Industry and Recordkeeper

Callan conducted a survey in mid-April to assess what defined contribution (DC) plan sponsors have done in response to the CARES Act and the recent economic turmoil spurred by the pandemic. The survey includes responses from 63 non-government plan sponsors, and in general we found that their actions were primarily influenced by the industry they […]

How the Coronavirus Relief Bill Affects DC Plans

The coronavirus relief bill, known as the CARES Act, seeks to address the recent economic tremors stemming from the coronavirus pandemic. Certain provisions look to liberalize loan and distribution availability for certain DC plan participants (i.e., “qualified individuals”). Background The CARES Act was signed into law on March 27. Drafting this legislation was expedited, which […]