Does EBSA Notice 2020-01 provide relief for noncompliance with the ERISA retirement plan loan and distribution procedures?

Posted by Bonita Hatchett-Bodle

May 6, 2020 2:19:37 PM

Yes. The Department of Labor (DOL) has taken a temporary non-enforcement position on retirement plan loan and distribution procedural deficiencies. Under the Notice, retirement plans that do not follow procedural requirements for plan loans or distributions imposed by the terms of the plan, will not be treated as in violation of Title I of ERISA if:

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