Does the relief provided by EBSA Notice 2020-01 extend to participant contributions and loan repayment?

Posted by: Bonita Hatchett-Bodle    May 6, 2020 2:14:02 PM

Yes. Under the Notice, the Department of Labor (DOL) will not take enforcement action with respect to a temporary delay in forwarding participant payments and withholdings to employee pension benefit plans during the period from March 1, 2020, and ending on the 60th day following the announced end of the national emergency if the delay is solely attributable to the COVID-19 outbreak. However, employers and service providers must act reasonably, prudently, and in the interest of employees to comply as soon as administratively practicable under the circumstances.

Topics: EBSA Notice 2020-1, ERISA Title I Reporting and Disclosure, participant loans