In this ever-changing economy due to COVID-19, we are receiving many questions regarding layoffs, furloughs and terminations of employment and how they impact the company’s qualified retirement plan.
What is a partial plan termination?
[UPDATED APRIL 17, 2020] On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the “Act”) which provides significant economic benefits to small businesses. Two of the most economically beneficial programs…
On Tuesday, March 31, 2020, the Indiana State Board of Accounts (“SBOA”) issued guidance relating to the SBOA’s audit position surrounding the use of public funds during the COVID-19 pandemic. In this guidance, the SBOA acknowledged that it would…
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides financial relief to employers and employees facing economic hardships as a result of the pandemic. Below are provisions applicable to qualified retirement plans.
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Companies who obtain loans and loan guarantees from the Exchange Stabilization Fund authorized by the CARES Act are subject to restrictions on executive compensation. These loans and loan guarantees are separate from relief small business employers…
On March 30, 2020, Governor Holcomb issued Executive Order 20-13 (“EO 20-13”) to remove legal and administrative restrictions affecting health care space, workforce, personal protective equipment, and telemedicine to more fully prepare for the…
On March 16, 2020, Indiana Governor Eric Holcomb issued Executive Order 20-04 (the “Order”). Among other particulars, the Order directs that “Public meetings conducted pursuant to Ind. Code § 5-14-1.5 et seq. [hereinafter the Open Door Law, or…
In response to social distancing mandates, the Indiana Secretary of State has expedited the implementation of Indiana’s previously adopted remote notarial act statute. The statute would not have become effective until July 1, 2020 but is now…
The novel Coronavirus (COVID-19) pandemic creates unprecedented and significant challenges for businesses of all sizes. In light of the rapidly evolving circumstances, Krieg DeVault has assembled a COVID-19 Resource Center and Checklist to help your…
On March 26, 2020 Indiana’s Governor Holcomb issued Executive Order 20-12, pursuant to his authority under Indiana’s Emergency Management and Disaster Law (IC 10-14-3), authorizing important changes to the Medicaid prior authorization and…
The Department of Labor (DOL) began issuing additional information on paid leave requirements under the Families First Coronavirus Response Act (FFCRA) on March 25, 2020. Since then, the DOL has continued to provide updates to the Questions &…
Currently, the Centers for Medicare and Medicaid Services (“CMS”) may authorize accelerated/advance payments when there is a disruption in claims submission and/or claims processing. CMS is also authorized to provide accelerated/advance payments…
