| Dear Center Members: |
This alert contains information about:
- Benefit plan provisions in COVID economic stimulus package
- AICPA virtual learning opportunities
- DOL OLMS filing relief update
|
|
COVID stimulus package benefit plans provisions
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2.3 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic, contains several provisions that affect employee benefit plans. Key provisions include
- Employer contributions to single-employer defined benefit plans - Defers 2020 minimum required contributions (including quarterly contributions) for single-employer plans to January 1, 2021. The amount of any deferred contributions is increased by interest accruing for the period between the original due date for the contribution and the payment date, at the effective rate of interest for the plan for the plan year which includes such payment date. (Sec. 3608. Single-employer plan funding rules.)
- Hardship distributions- Allows participants to take a coronavirus-related distribution of up to $100,000 from their retirement plan or IRA without a 10% early withdrawal penalty. Eligible distributions can be taken up to December 31, 2020. Coronavirus-related distributions may be repaid within three years. The plan administrator may rely on an employee's certification that the employee satisfies the conditions for a coronavirus-related distribution. (Sec. 2202. Special rules for use of retirement funds.)
- Participant loans - Allows participants to borrow up to $100,000 from qualified plans (an increase from $50,000 previously allowed), and repayment can be delayed. (Sec. 2202. Special rules for use of retirement funds.)
- Required minimum distributions (RMDs) – Temporarily suspends RMDs for 2020. (Sec. 2203. Temporary waiver of required minimum distribution rules for certain retirement plans and accounts.)
Click here for a Journal of Accountancy article on the tax provision on the CARES Act.
Click here for full text of CARES Act.
AICPA offering free virtual learning opportunities
The AICPA is offering the following free virtual learning opportunities:
Live Q&A: Managing for the local impact of a global disruption (Recording)
Conducting Remote Audits in Uncertain Times
April 1, Noon - 1pm ET |April 10, 11-12pm ET
Free CPE Credit: 1
The archived webinar is also available to watch on the AICPA Coronavirus (COVID-19) Resource Center (scroll down video selections on the AICPA COVID-19 video playlist). No CPE is available to watch the archived video. Click here to watch archived video.
Understanding Market Implications and Bringing Calm Amid Chaos
April 1, 4:30-5:45pm ET | April 6, 1-2:15pm ET | April 13, 1-2:15pm ET
Free CPE credit: 1.5
Pandemic Risk Mitigation and Practical Considerations for CPA Firms
March 27, 12-1pm ET | March 30, 2-3pm ET | March 31, 3-4pm ET
Free CPE for members: 1
COVID-19: Business Planning and Impacts
April 2, 1-2pm ET
Free CPE credit: 1
DOL Office of Labor-Management Standards (OLMS) updates advisory on labor union public disclosure reporting relief
The DOL OLMS has updated its March 17, 2020 advisory concerning Title II of the Labor-Management Reporting and Disclosure Act of 1959 (LMRDA) (see EBPAQC Alert No 441, March 18, 2020). Unions, employers, and labor relations consultants wishing to take advantage of the enforcement policy do not need to contact OLMS before the report is due, providing the requested information. Rather, OLMS will not pursue a civil enforcement action with regard to a delinquent or deficient report when these reporting violations are attributable to COVID-19 and the reporting deadline was prior to June 30, 2020. Any such reports must be filed by June 30, 2020, absent further notice from OLMS.
Click here for DOL OLMS updated advisory March 25, 2020.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
|
 |
|
| In This Alert |
|
| Additional Resources |
|
| Stay Informed |
We welcome any suggestions or questions - please send them by e-mail at EBPAQC@aicpa.org.
Members of the Employee Benefit Plan Audit Quality Center (EBPAQC) may only reproduce and distribute EBPAQC Alerts internally within the firm to other Center member firm personnel as part of the firms' professional services. For information about permission to copy any part of these documents for redistribution or inclusion in other work, please click on the copyright notice at the bottom of the page or phone the copyright permission hotline (919) 402-4031.
©2020 Association of International Certified Professional Accountants.
Online privacy policies and copyright information.
220 Leigh Farm Road, Durham, NC 27707-8110.
|
|
|
|
|
