Lindabury, McCormick, Estabrook & Cooper, P.C. Firm News & Events
As part of Lindabury’s work with the Mechanical Contractors Association of New York, James Estabrook and Elizabeth Engret Manzo have authored guidance on COVID-19 related leave under New York state law.
You can download a copy of the guidance here.
Employee Benefits Articles by Insights
Employee Benefits Provisions of the CARES Act
On March 27, 2020, the Coronavirus, Aid, Relief and Economic Security Act (the “CARES” Act) was passed, making it the third federal law to address the coronavirus (COVID-19) public health pandemic. The Act, designed to provide additional relief to those affected by the pandemic, contains multiple provisions that specifically implicate multiemployer plans as set forth more fully below.
Coronavirus Related Distribution
The Act allows defined contribution plans to adopt provisions allowing for early distributions, up to a maximum of $100,000, for qualified individuals who have been adversely affected by the coronavirus pandemic. Qualified individuals include the following:
Withdrawal Liability Primer
What is Withdrawal Liability?
- Withdrawal liability only accrues when the employer has contributed to a defined benefit (DB) plan and the DB plan is not fully funded.
- It is equal to the employer’s share of a DB plan’s Unfunded Vested Benefits (UVB).