As people across the country react to the quickly changing COVID-19 pandemic, Congress passed another piece of legislation providing guidance and relief on a variety of issues — the Coronavirus Aid Relief and Economic Security (CARES) Act, signed into law on March 27, 2020. This article includes brief summaries of what employers should know about key benefits-related components of the CARES Act. Plan sponsors should review their plans to assess the impact of these changes and take appropriate steps to implement the changes (some of which are required).
For the full alert, visit the Faegre Drinker website.
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About Author: Heather Bader
Heather Bader assists plan sponsors and service providers in navigating the complexities of qualified and nonqualified retirement plans, as well as health and welfare plans. While her work extends to all aspects of employee benefits, she is particularly experienced in assisting plan committees and sponsors in fulfilling their fiduciary duties. Heather advises on a variety of fiduciary compliance issues and assists with the defense of government agency audits and investigations, including but not limited to the Department of Labor (DOL), Internal Revenue Service (IRS) and the Centers for Medicare & Medicaid Services (CMS). Heather works with plan sponsors that are publicly traded and the issues surrounding employer securities in retirement plans. Heather is co-leader of the firm’s financial services industry group. View all posts by Heather Bader, Kathleen O'Connor Adams, Summer Conley, Karen Gelula, Mona Ghude, Megan Hladilek, Sarah Bassler Millar, Joan Neri, Mark Rosenfeld and Dawn Sellstrom
About Author: Kathleen O'Connor Adams
As a former consultant in the employee benefits field, Kathleen brings niche experience to the counsel she provides to taxable and tax-exempt entities on a broad range of employee benefits issues. She works with employers on matters related to tax-qualified retirement plans (such as 401(k) plans, defined benefit pension plans, and profit-sharing plans), 403(b) plans, nonqualified retirement plans for management and key employees, health and welfare benefits, and executive compensation. Kathleen also advises on ERISA governance issues, assists with operational failures under both qualified and nonqualified retirement plans, provides fiduciary training for plan committee members, and advises on new plan design opportunities. View all posts by Heather Bader, Kathleen O'Connor Adams, Summer Conley, Karen Gelula, Mona Ghude, Megan Hladilek, Sarah Bassler Millar, Joan Neri, Mark Rosenfeld and Dawn Sellstrom
About Author: Karen Gelula
Karen Gelula counsels public and private companies across industry sectors on all types of employee benefits and executive compensation matters. She advises clients on the design, operation, governance and compliance of qualified retirement plans, and seeks to ensure that employers’ health and welfare benefits plans comply with all applicable federal and state laws, and associated regulations. View all posts by Heather Bader, Kathleen O'Connor Adams, Summer Conley, Karen Gelula, Mona Ghude, Megan Hladilek, Sarah Bassler Millar, Joan Neri, Mark Rosenfeld and Dawn Sellstrom
About Author: Mona Ghude
Mona Ghude helps corporate and private employers craft and administer benefits on behalf of diverse employee groups that make up today’s workforce. She advises on creating fair and financially sound defined contribution, defined benefit and equity-based plans and provides counsel on plan asset rules, deferred compensation and employee classification issues. Mona also provides counsel on the risks and value of benefit plans in corporate transactions and represents high-level executives in negotiating employment, change-of-control and severance agreements. View all posts by Heather Bader, Kathleen O'Connor Adams, Summer Conley, Karen Gelula, Mona Ghude, Megan Hladilek, Sarah Bassler Millar, Joan Neri, Mark Rosenfeld and Dawn Sellstrom
About Author: Megan Hladilek
Megan Hladilek counsels employers, fiduciaries and service providers in employee benefits matters, helping them design and revise plans and service contracts that are both strategic and compliant. View all posts by Heather Bader, Kathleen O'Connor Adams, Summer Conley, Karen Gelula, Mona Ghude, Megan Hladilek, Sarah Bassler Millar, Joan Neri, Mark Rosenfeld and Dawn Sellstrom
About Author: Sarah Bassler Millar
Sarah Bassler Millar counsels employer plan sponsors and service providers on the design, implementation, and administration of health and welfare benefits, retirement plans and nonqualified plans. She routinely advises on fiduciary governance matters, including current best practices and the implications of the prohibited transaction rules. When counseling clients, she focuses on identifying solutions that effectively mitigate risks and manage identified compliance issues, while taking into account the client’s employee recruitment and retention goals. Sarah formerly led the firm’s benefits and executive compensation group. View all posts by Heather Bader, Kathleen O'Connor Adams, Summer Conley, Karen Gelula, Mona Ghude, Megan Hladilek, Sarah Bassler Millar, Joan Neri, Mark Rosenfeld and Dawn Sellstrom
About Author: Joan Neri
Joan Neri provides counsel to employer plan sponsors and plan service providers in fulfilling their obligations under the Employee Retirement Income Security Act (ERISA) and complying with the Internal Revenue Code rules governing employee benefit plans. Joan advises on ERISA fiduciary status and responsibilities, avoidance of prohibited transactions, the considerations associated with structuring, developing and offering investment products and services to ERISA plans, and day-to-day plan operational and compliance issues. View all posts by Heather Bader, Kathleen O'Connor Adams, Summer Conley, Karen Gelula, Mona Ghude, Megan Hladilek, Sarah Bassler Millar, Joan Neri, Mark Rosenfeld and Dawn Sellstrom
About Author: Mark Rosenfeld
An employee benefits lawyer, Mark Rosenfeld counsels employers, plan sponsors and administrators on the design, administration and governance of retirement plans (such as 401(k) plans) and welfare plans (such as health plans). He also drafts executive compensation arrangements, equity incentive plans and severance plans. Mark provides detailed analysis and advice on IRS Code § 280G golden parachute provisions in M&A transactions. View all posts by Heather Bader, Kathleen O'Connor Adams, Summer Conley, Karen Gelula, Mona Ghude, Megan Hladilek, Sarah Bassler Millar, Joan Neri, Mark Rosenfeld and Dawn Sellstrom
About Author: Dawn Sellstrom
Dawn Sellstrom focuses her employee benefits practice on health and welfare benefits. Dawn advises employers on health and welfare benefits of all types, and on compliance under the Employee Retirement Income Security Act (ERISA), Internal Revenue Code, Health Insurance Portability and Accountability Act (HIPAA), and related federal and state laws and regulations. She has significant experience assisting employers with health care reform strategy and compliance, consumer-driven health care arrangements, and health and welfare plan governance, including plan design and fiduciary responsibilities. View all posts by Heather Bader, Kathleen O'Connor Adams, Summer Conley, Karen Gelula, Mona Ghude, Megan Hladilek, Sarah Bassler Millar, Joan Neri, Mark Rosenfeld and Dawn Sellstrom
