The Cares Act and Its Impact on Your Business and Benefit Plans
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law with the intention of easing the burden on employers and individuals facing financial difficulties stemming from the COVID-19 pandemic. One year later, we reflect on the tumultuous year and the legislation passed that has since impacted business and benefit plans across the nation.
This event discussed the following topics and more:
- Penalty-Free Early Distributions from Qualified Retirement Plans
- Permissible Plan Loan Amounts Increased and Loan Repayments Delayed
- Temporary Waiver of Required Minimum Distributions
- Single-Employer Defined Benefit Plan Funding Rules
- SECURE Act
- Deferral Limitations
- Legal Impacts and Amendments
- Extended Rollover Period on Participant Loans
- Plan Audit Thresholds and Auditor Perspectives
MODERATOR
Robert Lickwar | Partner | UHY LLP
Robert Lickwar has more than thirty years of experience as a practicing CPA, working exclusively with privately held businesses and owners to provide compliance services and sophisticated tax planning strategies. He develops tax-favored and other retirement plans for clients and assists in developing tax-efficient succession transitions, including acquisitions and sales of businesses. Bob is a nationally recognized presenter on various tax issues, and a well-known discussion leader, providing continuing education seminars to tax professionals. He has been a speaker for Berlin Continuing Adult Education small business seminars and Farmington Continuing Adult Education small business seminars.
PANELISTS
Stacy Farber | Principal | UHY LLP
Stacy Farber has more than two decades of experience in audit and financial leadership. Her significant audit experience is primarily in retail, manufacturing and not-for-profit industries. Stacy specializes in employee benefit plans, with experience auditing 401(k), 403(b), retirement, and other benefit plans across all industries. She is a leading member of the UHY Employee Benefit Plan Practice in the Northeast.
George Kasper, Esq. | Partner | Pullman & Comley LLC
George J. Kasper specializes in the Labor, Employment and Employee Benefits practice where employers and plan fiduciaries seek his counsel on all types of employee benefit plans, including defined benefit pension plans, 401(k) and 403(b) plans, multiemployer plans, medical benefit plans, cafeteria plans, and disability plans. He is sought after for his advice to employers and administrative committees on the fiduciary oversight of ERISA plans, including retirement plan investments, appropriate plan expenses, claims for benefits, self-funded health plans, and other plan administration issues.
David Beck | Principal | PASI, LLC
David has over 15 years of experience in the retirement plan industry. After graduating from Babson College, David joined PricewaterhouseCoopers in their Boston office. David’s experience includes work for a regional accounting firm, where he acted in a managerial role in a team dedicated to audits of Employee Benefit Plans. David currently specializes in plan design and advanced compliance testing, and has extensive expertise in nonqualified deferred compensation Plans, including 409A and 457(b)/(f). David is also actively involved in the Connecticut Society of CPA’s Employee Benefits Committee and is a past chairperson. He is a frequent panelist and session leader for their annual Employee Benefits Conference. David is an Enrolled Retirement Plan Agent with the IRS, and frequently represents his clients in various filings related to corrections of operational mistakes. He also holds several designations with ASPPA (an industry trade group).
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