The Coronavirus Aid, Relief, and Economic Security Act permits a “qualified individual” to certify to the employer that they qualify to elect a coronavirus-related distribution (CRD). A plan sponsor may wish to consider offering CRDs during 2020 from a single employer defined benefit plan as well as, or in addition to, a CRD from its defined contribution plan.
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The No Surprises Act requires plan sponsors to comply with some of the most burdensome tasks since the Affordable Care Act.
Benefits Alert: Coronavirus distributions consideration for DB Plans under the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act permits a “qualified individual” to certify to the employer that they qualify to elect a coronavirus-related distribution.