The Coronavirus Aid, Relief, and Economic Security Act permits a “qualified individual” to certify to the employer that they qualify to elect a coronavirus-related distribution (CRD). A plan sponsor may wish to consider offering CRDs during 2020 from a single employer defined benefit plan as well as, or in addition to, a CRD from its defined contribution plan.
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The collateral need from a carrier can represent a large portion of an insured’s cash or revolving debt, so it is important for an insured to understand how that obligation is used by the carrier to securitize liabilities.
Benefits Alert: Coronavirus distributions consideration for DB Plans under the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act permits a “qualified individual” to certify to the employer that they qualify to elect a coronavirus-related distribution.