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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

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