Retirement Plans and COVID-19 Considerations

By Kathleen Odle, Kirsten Stewart, and George Tsai

This past period of time has brought much uncertainty to the world as well as to employers with retirement plans that have been impacted by COVID-19. This advisory provides insights and guidance to consider for employer-sponsored retirement plans during this uncertain time.

Breaking News: On March 18, the Treasury Department issued Notice 2020-17, which formalizes Treasury Secretary Mnuchin’s remarks a day earlier regarding certain extensions on tax payments. The Notice provides that any person with a Federal income tax payment due April 15, 2020, may postpone payments (up to specified limits) until July 15, 2020, and further clarifies that the postponements do not apply to the payment or deposit of any other type of federal tax, or the filing of any tax or information return. Please consult the text of Notice 2020-17 for further details.

Read the full advisory here.

Our Employee Benefits Group, working remotely, is monitoring the COVID-19 situation closely and is available to discuss any concerns employers may have.