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The president signed the CARES Act into law on March 27, 2020, and with it, delivered $2 trillion of federal government support to taxpayers challenged by the coronavirus public health crisis and associated economic fallout.
Included in the law are several provisions that specifically affect retirement plans, and plan sponsors must decide if it is in their participants’ best interests to adopt the provisions, as they are optional. If changes apply, formal document amendments are due as of the last day of the plan year beginning on or after January 1, 2022 (2024 for governmental plans).
Click here to download this checklist to help document plan decisions.