COVID-19 And Its Impact On Employees Who Have Been Laid Off And Their Vested Benefits From Their 401

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COVID-19 And Its Impact On Employees Who Have Been Laid Off And Their Vested Benefits From Their 401 Lost in the tumult of the last few weeks is a rather significant piece of pension legislation that was buried in the Consolidated Appropriations Act, 2021 that was signed into law on December 27, 2020. You know it more for its granting an extra $600 to Americans that were qualified to receive it. It provides a temporary rule and some much needed guidance for companies that were forced to lay off a significant percentage of their employees. Such layoffs could very easily trigger something known as a “partial plan termination.”

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