Original Publishing Date March 27, 2020 / Last Updated March 27, 2020
As part of our ongoing efforts to keep everyone informed of developments and opportunities coming from DC, please find the following highlights of what has passed both the House and Senate and is anticipated to be signed into law by the President today. This is an overview and as we have more information on the individual programs we will highlight them, and how to access them; as information becomes available.
Here’s how the CARES ACT makes changes to employer-sponsored benefits:
Employer-Sponsored Health Insurance
- Expands private health insurance coverage of COVID-19 diagnostic testing and alters the use of Health Savings Account (HSAs).
Retirement Savings
- Waives the 10% early withdrawal penalty for distributions from qualified retirement accounts for COVID-19 related purposes.
Unemployment Insurance
- Increases the maximum unemployment benefit by $600 per week through July.
Paid Leave
- Reaffirms and clarifies paid leave requirements provided under the “Families First Coronavirus Response Act”
Education Assistance
- Allows employer-provided student loan repayment as a benefit (up to $5,250 per employee).