COL Issues COVID-19 Relief for Employee Benefit Plans
On April 28, 2020, the U.S. Department of Labor (DOL) released guidance for employee benefit plans aimed at providing relief to plan participants and qualified beneficiaries during the COVID-19 national health emergency.
Specifically, the DOL’s goal is to minimize the possibility of individuals losing benefits due to a failure to adhere to certain timeframes established under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC). Accordingly, these timeframes are temporarily extended effective immediately.