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What are the requirements for non-enforcement under EBSA Notice 2020-01 in regard to retirement plan loan related issues?

Posted by: Bonita Hatchett-Bodle    May 6, 2020 2:16:32 PM

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:

  1. 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
  2. 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.

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

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