Editor's Note: The House has passed the Coronavirus, Aid, Relief and Economic Security (CARES) Act (H.R. 748 as amended). Read more about that here.
The sweeping $2 trillion stimulus bill that includes retirement relief provisions supported by the American Retirement Association may move one step closer to enactment, as it is currently being considered (March 27) by the House of Representatives.
The Coronavirus, Aid, Relief and Economic Security (CARES) Act (H.R. 748 as amended) was passed two days earlier by the Senate in a unanimous vote of 96-0 (four senators were under quarantine).
The House leadership will attempt to approve the legislation through “voice vote,” which would call for the simple “yeas and nays,” without a recorded vote. This would require only a few members to be in attendance. But if even a single member objects and calls for a recorded vote, then the full House may need to be called back into session, unless the rules are changed to allow for proxy voting.
Assuming approval in the House with no amendments or delays, it will then head to President Trump. Treasury Secretary Steve Mnuchin has previously indicated that the President would sign the bill.
As noted in a March 26 post, the retirement-based provisions stick closely to what was initially proposed by Senate Majority Leader Mitch McConnell (R-KY), including provisions to ease retirement plan hardship and loan rules to free up funds for individuals impacted by the pandemic and to provide relief from the required minimum distribution (RMD) rules. The final bill also adds funding relief for single-employer defined benefit plans.
It also provides the Department of Labor with expanded authority to postpone certain deadlines under ERISA. In fact, the ARA has been pressing the Treasury Department and DOL for relief from certain retirement plan filing deadlines.
ARA Presses for DC Funding Relief
In addition to the CARES Act, the ARA continues to push for defined contribution funding relief. The ARA has called on the Treasury Department to provide relief to help employers facing significant financial burdens relating to the Coronavirus, especially for retirement plans sponsored by small businesses.
What’s Coming Up?
Please note: Live attendance for the exclusive ASPPA/ASEA webcast on Tuesday, March 31 with ARA Retirement Education Counsel Robert Richter, ARA Director of Technical Education Bob Kaplan and ASEA Executive Director Marty Pippins is full.
You can still register for the webcast, which will be recorded, and a link shared with all who register for this exclusive event. This webcast will be eligible for continuing education credits!
You can register today at https://attendee.gotowebinar.com/register/6337118135836239884
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