Under the Notice, the Department of Labor (DOL) will not consider any person to have violated Title I of ERISA, including the requirement that the loan be adequately secured by the account balance, solely because:
- the person made a plan loan to a qualified individual during the loan relief period in compliance with the CARES Act and the provisions of any related IRS notice or other published guidance; or
- a qualified individual delayed making a plan loan repayment in compliance with the CARES Act and the provisions of any related IRS notice or other published guidance.