Alerts6.9.20
IRS Temporarily Lifts Physical Presence Requirement For Retirement Plan Elections
Highlights
Physical presence requirement replaced temporarily with live audio-video conference for participant elections and spousal consents in light of social distancing and stay-at-home orders
The temporary rule applies retroactively to Jan. 1, 2020, through Dec. 31, 2020
Plan sponsors will need to coordinate with retirement plan service providers to implement the temporary conditions
Throughout the COVID-19 pandemic, the IRS has taken steps to temporarily increase participant access to funds in tax-qualified retirement plans, such as making available coronavirus distributions, increasing participant plan loan limits and permitting delayed participant loan repayments.
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