Client Alert: COVID-19 and Employee Benefit Plans: Updates from the IRS and DOL

The Internal Revenue Service (“IRS”) recently issued guidance relating to retirement plan distributions and loans permitted under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). In addition, the U.S. Department of Labor (“DOL”) has issued guidance as well as a final rule issued jointly with the IRS providing benefit plan relief intended to mitigate the disruptive effect of the COVID-19 pandemic. This Client Alert provides a brief overview of the guidance issued by the IRS and DOL.