What relief is provided by EBSA Notice 2020-01?

Posted by: Bonita Hatchett-Bodle    May 6, 2020 2:23:01 PM

The Departnet of Labort's (DOL’s) Employee Benefits Security Administration (EBSA) issued Notice 2020-01 (Notice) in recognition that the COVID-19 crisis may impede efforts to comply with various requirements and deadlines under ERISA. The Notice provides an extension on the deadlines for furnishing certain required notices or disclosures to plan participants, beneficiaries, and other persons to grant plan fiduciaries and plan sponsors additional time in which to meet their obligations under Title I of ERISA during the COVID-19 outbreak.

Under the Notice, an employee benefit plan and the responsible plan fiduciary will not be in violation of ERISA for a failure to timely furnish a notice, disclosure, or document that must be furnished between March 1, 2020, and 60 days after the announced end of the COVID-19 National Emergency, if the plan and responsible fiduciary act in good faith and furnish the notice, disclosure, or document as soon as administratively practicable under the circumstances. Good faith acts include use of electronic alternative means of communicating with plan participants and beneficiaries whom the plan fiduciary reasonably believes have effective access to electronic means of communication, including email, text messages, and continuous access websites.

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