Coronavirus

As the impact of the Coronavirus intensifies, retirement plan advisors 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 Coronavirus pandemic’s impact on plan advisors and others in the retirement industry is intended to help you:

scan the policies and procedures that TPAs and recordkeepers have adopted in response to the CARES Act's optional provisions;
find online commentary from industry thought leaders on critical business continuity issues;
track our news coverage of the pandemic;
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.

You will find links to ARA communications to Congress, Treasury, the IRS and the DOL; NAPA’s news coverage; legislation on Capitol Hill; regulatory and other guidance from federal agencies; and recommended online commentary for plan advisors and plan sponsors.

Last updated March 21, 2022

CARES Act Adoption Defaults

A number of recordkeepers/TPAs are already reaching out to plan sponsors on decisions regarding the optional provisions of the CARES Act—but while some are waiting for instructions, others have—at least initially—made some assumptions. While this information is subject to change, we have compiled it in an online table for your reference.

CARES Act Administrative Q&As

As part of a series of recent webcasts, we have received a large number of questions from our members regarding key operational and administrative aspects of the Coronavirus Aid, Relief and Economic Security (CARES) Act. As we continue to work with regulators to achieve clarity and receive guidance on this legislation, visit our CARES Act Administrative Q&As page for our most current understanding of the various issues. We have organized the questions and answers into several broad categories.

CARES Act FAQs

Visit our CARES Act FAQs page to stay informed about various questions and answers concerning key provisions the ARA believes will positively impact retirement plan participants and plan sponsors. The FAQs are arranged by topic.

ARA Advocacy

The American Retirement Association strongly supports legislation and 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)

NAPA News Coverage

Browse our news posts and commentary concerning the Coronavirus pandemic, including ARA recommendations for addressing the challenges, and the latest legislative and regulatory developments affecting retirement plans.

Legislation

Consolidated Appropriations Act, 2021 (H.R. 133 / P.L. 116-260) (Dec. 27, 2020)

Paycheck Protection Program Flexibility Act (H.R. 7010 / P.L. 116-142) (June 5, 2020)

Paycheck Protection Program and Health Care Enhancement Act (H.R. 266) (April 24, 2020)

Joint Tax Committee Description of CARES Act Tax Provisions (April 22, 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.

Regulatory Guidance

EBSA Disaster Relief Notice 2021-01: Guidance on Continuation of Relief for Employee Benefit Plans and Plan Participants and Beneficiaries Due to the COVID-19 (Novel Coronavirus) Outbreak (March 1, 2021)

SBA and Treasury Announce Simpler PPP Loan Forgiveness Application (Oct. 8, 2020)

PBGC Expands Flexibility for Variable-Rate Premium Filers (Sept. 21, 2020)

Select COVID-19 Compliance Risks and Considerations for Broker-Dealers and Investment Advisers (SEC Risk Alert, Aug. 12, 2020)

IRS Notice 2020-52 (2020 mid-year reductions of matching contributions, June 29, 2020)

IRS Notice 2020-51 (waiver of 2020 RMDs, June 23, 2020)

IRS Notice 2020-50 (extension of COVID-19 relief, safe harbors; June 19, 2020)

IRS Notice 2020-42 (spousal consent via remote means, June 3, 2020)

IRS Notice 2020-35 (employment tax and other relief, May 28, 2020)

IRS Q&As on CARES Act (updated Oct. 22, 2021)

IRS Notice 2020-32 (deductibility of PPP-related expenses, April 30, 2020)

EBSA Disaster Relief Notice 2020-01 (Guidance and Relief for Employee Benefit Plans Due to the COVID-19 Outbreak, April 28, 2020)

EBSA COVID-19 FAQs for Participants and Beneficiaries (April 28, 2020)