ERISA Roundup - Q2 2020
A NOTE FROM BDO’S NATIONAL ERISA PRACTICE LEADER
During the past several months, business professionals across departments and industries have learned the value of perseverance. As we understand more about our business operations – and our society – we can make better decisions for the future of our organizations.
As the nation remains hopeful for a quick recovery, we shift our focus back to enduring business issues – with a new lens to account for these changing times. We will continue to educate our clients on emerging topics related to changing deadlines and The CARES Act.
In addition, we’ll cover more forward- thinking implications such as how to handle partial plan terminations and plan considerations for furloughs and layoffs.
As always, our commitment to staying ahead of deadlines and best practices is an integral part of our day to day. We encourage you to keep up with our insights at www.bdo.com/erisa.
Sincerely,
IN THIS ISSUE...
What Does the CARES Act Mean to Your Mobility Program?
With the signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act by President Trump, millions of Americans are looking forward to receiving their stimulus checks.
Read about the CARES Act
CARES Act Aids Employers Who Continue to Pay Employees
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides two distinct and substantial employment tax benefits for certain employers under Sections 2301 and 2302 of the Act.
Read how the CARES Act Aids Employers
COVID-19’s Impact on U.S. Retirement Plans
Business leaders face an array of questions they need to answer and information they must analyze during the rapidly evolving response to the COVID-19 pandemic.
Coronavirus: Tax & Relocation Implications for the Mobile Workforce
The novel coronavirus that causes the disease COVID-19 has become a global issue. Since the virus was declared a pandemic by the World Health Organization (WHO), we have seen more border entry restrictions, quarantines and travel bans implemented to stop the virus’ spread.
CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees
As the number of employers and employees impacted by the novel coronavirus (COVID-19) grows each day, employers with workplace retirement plans may find that employees may be looking to those plans now more than ever to help cover financial hardships they are experiencing.
Remote Working and Cybersecurity Considerations for Plan Sponsors
With the surge in remote working amid the coronavirus pandemic, employers are rightly focused on strengthening cybersecurity protocols to protect the sensitive information that employees access as part of their daily jobs.
IRS Increases Flexibility for Code Section 125 Cafeteria Plans Due to COVID-19
To assist with the U.S. response to the 2019 novel coronavirus (COVID-19), the IRS has released two notices providing greater flexibility for employers who maintain Internal Revenue Code Section 125 cafeteria plans for their eligible employees.
Fair Value Disclosures Made Easier: ASC 820
The Financial Accounting Standards Board (FASB) has simplified certain disclosure requirements related to measuring the fair value of a plan’s assets and liabilities starting in December 2019.
What Plan Sponsors Need to Know About Layoffs and Partial Plan Terminations
The U.S. unemployment rate reached 14.7% in April, its highest level since the Great Depression, as companies looked to cut costs amid the coronavirus pandemic.
Incentivizing the Next Generation of Leadership with an ESOP
Using an Employee Stock Ownership Plan (ESOP), businesses can incentivize the next generation of leaders and align the interests of these leaders with the interests of the company and exiting shareholders.
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