New Benefits Regulation in Response to COVID-19 Extends Timelines, Including Those Applicable to COBRA

On April 29, 2020, the Employee Benefits Security Administration, Department of Labor, Internal Revenue Service and Department of the Treasury together issued a joint final regulation extending certain time frames under the Employee Retirement Income Security Act and the Internal Revenue Code for group health plans, disability and other welfare plans, pension plans, and benefits and beneficiaries of these plans during the COVID-19 national emergency.

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Historic CARES Act Puts $2 Trillion Toward COVID-19 Response Efforts

Enacted on March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is the largest economic stimulus package in American history, providing $2 trillion in essential financial, medical and economic assistance to industries, businesses and individuals affected by this global health and financial crisis. Since the early stages, the Duane Morris COVID-19 Strategy Team has been closely monitoring developments and advising clients on the complex legal issues and far-reaching implications of the pandemic. Our attorneys have reviewed the key provisions of the CARES Act and have summarized the significant benefits, resources and opportunities that may be available to you.

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Employee Benefits in the Time of COVID-19

The coronavirus, or COVID-19, presents a potentially serious risk to the safety and welfare of employees and the financial health of companies. With employers facing the prospect of government-mandated business closures and employees who need time off to care for children unexpectedly home for multiple weeks due to school closures, COVID-19 presents numerous employee benefit-related questions and challenges. This Alert will provide employers with a roadmap for addressing COVID-19 concerns that affect health insurance plans (including potential HIPAA privacy obligations thereunder), welfare benefit plans and retirement plans.

To read the full text of this Duane Morris Alert, please visit the firm website.