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Groom Law Group Releases Brief on the Coronavirus Impact on Retirement Plans

On March 19, 2020, Groom Law Group released its brief, Coronavirus Check-Up for Retirement Plans.  The brief discusses issues that employers should consider related to the potential impact of the Coronavirus (COVID-19) on their retirement plans.  The brief covers defined contribution (DC) plans, defined benefit (DB) plans, executive compensation, and other considerations for retirement plans.

Specifically, plan sponsors of DB plans should review their plans to understand the earlier distribution options after the passage of the SECURE Act previously this year.  Under the Act, a DB plan is permitted to offer participants the option to elect commencement of their benefit as early as age 59-1/2 while still working.  In addition, plan sponsors may want to review pension plan investments, expected funding levels and contributions required for their DB plans.  The brief also addresses other considerations and administrative issues for retirement plans.

The brief is available here.