In this podcast episode of Money Talks, Hugh Meyer Meyer, of Charlesworth & Rugg, Inc., talks with Christine Roberts regarding how the CARES Act can impact Qualified Retirement Plans and some responsibilities of plan sponsors. Christine provides a detailed update to IRS Notices 2020-50 and 2020-51, which details the regulations involving COVID-19 related distributions from retirement plans and IRA’s.
In addition, Christine discusses the deadline of August 31,2020, with regard to people who took required mandatory distributions before the onset of COVID-19. They also talk about the updates on employee sponsored plans related to COVID-19 distributions, and the law surrounding how record- keepers must account for these distributions. Lastly, Christine discusses some recent ERISA compliance issues, i.e. employee salary deferrals and employer matching contributions.
Money Talks Episode 22: 08/20/2020