Posts tagged Coronavirus.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides broad-spectrum relief for participants and plan sponsors of qualified plans and expanded benefits for participants in group health plans including the following:

  • For defined contribution plans including 401(k) plans, the changes include expanded in-service distribution provisions up to $100,000, relief from early withdrawal penalty taxes, a temporary increase in 401(k) plan loan limits to $100,000, and relief from minimum required distributions for the remainder of 2020. The adoption of any optional provisions may require plan amendment. It appears amendments would not have to be adopted until at least December 31, 2022.
  • There are also special rules related to funding defined benefit plans.
  • There are several provisions that impact group health plan coverage requirements. 

The post below provides a summary of certain changes of particular interest to plan sponsors.

Yesterday the Department of Labor announced its first round of published guidance to provide information to employees and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA). This guidance has answered some of the most common questions we have been receiving since the law’s passage last week, but some questions remain as to how the leave will be administered. The Department is expect to announce further guidance as the week progresses. 

Yesterday, the federal government passed the Families First Coronavirus Response Act (“FFCRA”) in response to the challenges posed by the current COVID-19 outbreak. The legislation covers several areas, but critical for employers are two new sick leave benefits set to take effect no later than April 2, 2020.

The spread of COVID-19 as well as the responses of federal, state and local governments continues to create unprecedented challenges for employers. The following is a non-comprehensive list of some of the most frequent questions we are fielding from employers.

On March 16, Governor DeWine issued Executive Order 2020-02D, lifting certain unemployment compensation benefit restrictions during the Coronavirus outbreak. The Order is applicable only to individuals who do not have access to leave benefits through their employer. 

On March 15, Governor DeWine announced that Ohio will broaden the requirements to qualify for the state’s unemployment insurance policy.  The following changes are expected to be made through an executive order:

On March 11, the World Health Organization (WHO) declared the Coronavirus outbreak a global pandemic. The CDC has also declared the Coronavirus outbreak a pandemic so several modified requirements are now applicable under the Americans with Disabilities Act (ADA).

For all employers closely following the Coronavirus situation, here is a list of the latest guidance from government resources:

Over the past week, the number of confirmed cases of Coronavirus (COVID-19) in the United States has more than doubled.  Most employers are considering measures to help them navigate the impact of Coronavirus in the workplace.  The problem employers face is that employment laws were simply not written with scenarios like the Coronavirus crisis in mind. 

Topics/Tags

Select
Jump to Page
Close