Viewpoints about Pandemic
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Retirement plans in June continued to reflect the ups and downs of the economy
Since the pandemic kicked off market volatility in February, the economy has been on a rollercoaster ride. We continue to watch the actions our retirement plan participants are taking to gauge the impact the changing economy is having on them, so we can try to help them with timely and targeted engagement.
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Actions taken by retirement plan participants reflect May’s mixed bag of news
In May, we saw that most participants are staying the course. But those who’ve been affected by the pandemic are finding some relief in the CARES Act.
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IRS relaxes rules for obtaining spousal consent for 2020
IRS Notice 2020-42 creates a remote notarization process for retirement plan transactions that require spousal consent. This helps solve problems related to social distancing and COVID-19.
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EBSA provides disaster relief for retirement plans
On April 29, the EBSA, a branch of the DOL, issued EBSA Disaster Relief Notice 2020-01, offering relief for plan sponsors and easing certain provisions for companies affected by COVID-19.
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Retirement plan professionals: don’t forget about the FFCRA
The FFCRA requires certain employers to provide paid time off for employees who meet specific COVID-19-related criteria, and it contains two provisions of which plan sponsors should be aware.
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