The Internal Revenue Service (IRS) and the Department of Labor (DOL) recently have issued extended certain deadlines relating to employee benefit plans. In addition, the Employee Benefit Security Administration (EBSA) issued EBSA Disaster Relief Notice 2020-01, extending the time for plan officials to provide certain statements, notices, and disclosures to plan participants. Most recently, in Notice 2020-35, IRS issued relief regarding deadlines applicable to employee benefits and plan sponsors impacted by the COVID-19 pandemic. Finally, IRS has issued temporary relief for calendar year 2020 from the requirement that retirement plan elections that require spousal consent must be witnessed in the physical presence of a plan representative or notary public.
The IRS and DOL have issued several extensions related to the distribution of notices and disclosures, the filing of certain tax and information returns, and the due dates for certain required actions. We anticipate that IRS and DOL will continue to evaluate the need for additional extensions.
Principal, Practice area leader, PwC US