2020 – 04/30 The U.S. Dept. of Labor has posted frequently asked questions (FAQs) to help employee benefit plan participants, beneficiaries, sponsors and employers affected by the novel coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief and Economic Security (CARES) Act expanded access to retirement plan distributions and loans for qualified individuals. One FAQ asks the pertinent question: If my employer faces economic difficulties due to COVID-19, can my employer terminate my retirement plan? The short answer is if you were covered by a defined benefit pension plan, your employer may terminate the plan if it has sufficient assets to pay all plan benefits. For more FAQs:

04_30_20_1128979269_ftp_560x292_1.jpg

Similar Posts