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Employee Benefit Plans: Impact of Coronavirus
Vorys attorneys Christine Poth, Jen Dunsizer, Dawne McKenna Parrish, and Elizabeth Howard hosted a complimentary webinar on March 25, 2020.
They discussed some common questions the Vory benefits team was getting about the impact of the coronavirus pandemic on employee benefit plans, including:
- Scope of the testing/treatment expansion under the Families First Coronavirus Response Act (Family First Act)
- Impact of temporary leaves of absences and terminations on employee benefits:
- Group health plan coverage during leaves of absence
- Requirement to offer COBRA continuation coverage and mini-COBRA
- Changes to dependent care flexible spending account elections
- Retirement plan issues
- Ability to take distributions (hardship withdrawals and termination-based distributions)
- Impact on plan loan repayments
- Reduction, freeze, or cessation of employer contributions
- Impact on Family First Act payments on definition of compensation
- Impact on defined benefit plan funding
- Overview of issues impacting executive compensation
- Ability to delay/accelerate distributions
- Amending equity awards that would otherwise be forfeited