The Taxpayer Certainty and Disaster Tax Relief Act of 2020, informally known as “CARES Act 2.0,” became law on December 27, 2020 as part of the Consolidated Appropriations Act, 2021. Employers should note the effects of CARES Act 2.0 on qualified retirement plans, including:
- Hardship Distribution and Loan Relief for Federal Disasters other than COVID‑19
- Partial Termination Relief for Employers that Restore Their Workforce by March 2021
- Expansion of Working Retirement for Certain Construction and Building Trades Workers
- Expansion of Coronavirus-Related Distributions to Money Purchase Pension Plans
Read our latest alert for details.