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COVID-19 Impacts on Employee Benefits Plans

COVID-19 has changed the business landscape as we adjust to the New Normal. But what does that mean for employee benefit plans and how will new guidance affect plans? Deepdive into COVID-19’s impacts as Withum’s Employee Benefit Plan experts Wendy Terry, Partner and Practice Leader, and Sean Linde, Audit Manager, cover a series of frequently asked questions that you should know the answers to.

COVID-19 Impacts on Employee Benefit Plans Withum

 

 

How is COVID impacting businesses and employee benefit plan audits? In this clip, Sean Linde of Withum shares his perspective as a benefit plan auditor and what issues and changes he has seen.

Implementing the CARES Act

 

 

Are employers required to implement the CARES Act provisions? In this clip, Sean Linde and Wendy Terry of Withum explain what employers need to consider when implementing provisions such as coronavirus distributions and enhanced loans to qualified individuals.

Employee Withholding Penalties

 

 

If employers remit employee withholdings later than usual due to the current business environment, what penalties and impacts are expected? In this clip, Wendy Terry and Sean Linde of Withum discuss the importance of employee deferrals being prioritized and funded in a timely manner.

CARES Act Notification to Participants

 

 

Are employers required to provide notification to participants regarding CARES Act or provisions of the cares act? In this clip, Sean Linde of Withum and Lindsey Surratt of Gallagher describe what employers need to communicate to their participants and provide details on the Families First Coronavirus Response Act (“FFCRA”) leave notice requirements.

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