As the impact of the COVID-19 pandemic intensifies, TPAs, recordkeepers and other industry stakeholders are seeking reliable information about business continuity regarding their firms and the potential effects on plan administration and client services.
This resource page on the pandemic’s impact on plan consultants and administrators is intended to help you:
- find expert answers to frequently asked questions about the impact of the pandemic on plan administration and other technical issues;
- access the American Retirement Association’s pandemic-related advocacy efforts in Washington, DC;
- access regulatory and other guidance from federal agencies; and
- quickly find pertinent legislation that has been enacted or is being considered by Congress.
Last updated July 1, 2020.
CARES Act FAQs
Recent ASPPA webcasts on the impact of COVID-19 have addressed—and answered—questions on key operational and administrative aspects of the Coronavirus Aid, Relief and Economic Security (CARES) Act. These have been formatted as FAQs organized in several broad categories:
- General Questions
- COVID-19 Distributions
- COVID-19 Loans
- RMD Waivers
- Safe Harbor & SIMPLE Plans
- Government Plans
- Defined Benefit & Cash Balance Plans
The American Retirement Association continues to press Congress and the Trump administration to enact legislation and issue regulatory guidance that provides immediate relief to retirement plan sponsors, participants and retirees in the wake of the Coronavirus. Letters from the ARA to Congress and federal agencies are provided below.
ARA Request to EBSA for Disclosure and Notice Relief (March 30, 2020)
ARA Letter to Treasury on DC Plan Funding Relief and More (March 24, 2020)
Industry Trade Letter Urging Retirement Plan Relief (March 20, 2020)
ARA Proposal for DC Plan Funding Relief (March 19, 2020)
ARA Letter to Departments of Labor and Treasury (March 16, 2020)
ARA Letter to IRS Regarding 403(b) Plan Remedial Amendment Period (March 16, 2020)
ARA Retirement Plan Legislative Relief Proposal (March 13, 2020)
Coronavirus Aid, Relief, and Economic Security (CARES) Act (Enrolled version of H.R. 748, as approved by the House and Senate, March 27, 2020).
Families First Coronavirus Response Act (H.R. 6201/P.L. 116-127). This law provides paid sick leave and free Coronavirus testing, expands food assistance and unemployment benefits, and requires employers to provide additional protections for health care workers.
IRS Extends Deadlines for 403(b) and Pre-Approved DB Plans (March 27, 2020)
IRS Filing and Payment Deadline Q&As (includes questions about IRAs and workplace-based retirement plans (March 24, 2020)
IRS Notice 2020-18 (Extension of Tax Filing Deadline)
IRS Notice 2020-15 (High Deductible Health Plans and Expenses Related to Covid-19)