Retirement Plan Participant May Elect Loan Repayment Deferrals

The Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 does more than aid small businesses. In addition to the PPP loans that received the bulk of the media attention, the CARES Act authorizes qualified retirement plan sponsors to amend retirement plans (401(a), 401(k), 403(b) and government plans) to help participants (qualified employees) who have been adversely economically impacted by the Coronavirus by allowing the deferral of loan payments. Once such an amendment is implemented by a plan sponsor, participants who have outstanding loan amounts from the qualified retirement plan may elect to defer loan payments for up to one year (with interest accruing) between now and December 31, 2020.

The retirement plan participant may elect loan repayment deferrals if they meet one of the following criteria:

  1. They are diagnosed with the Virus by a test approved by the CDC;
  2. Their spouse or dependent is diagnosed with the Virus by a test approved by the CDC; or
  3. They experienced adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Secretary of the Treasury.

During any deferral period, interest would continue to accrue. Once loan payments recommence, the accrued interest is included in loan calculations to determine the new payment amounts.  The date of the final payment is adjusted by the length of time deferred. The Plan Sponsor may rely on an employee’s certification that the employee satisfies the condition.

Eric Wieland puts his mastery of tax law and sharp attention to detail to work in his practice. He focuses on the areas of Estate Planning, Business Planning, Taxation, Qualified Retirement Plans, ERISA Compliance, and Trust and Estate Administration. The belief that no two clients are alike and no set of legal circumstances or objectives are the same ­ is at the heart of his specialized, individual approach.

Creative (and free!) Options When You Can’t Hit the Gym

We have a few free and fun ways to get moving and out of your head when you can’t get out of the house.

The recent Stay-at-Home order issued in Portland, Oregon has many of us adjusting to the new day to day life of remote work. It can be a hard balance when your work and home life all take place in the same building. Remember to take a few minutes for yourself and your mental wellness – stretch, or engage in a form of exercise you enjoy.

Though we are still able to go outside for walks and recreation (allowing for 6 feet of distance), Portland weather isn’t always so accommodating. If you’re in need of a creative way to move, but don’t have the space for an at home gym, we have a few suggestions.

Portland based BurnCycle, a high energy spin studio, is offering free access to home workouts and lead meditation. Find them here.

If you enjoy HIIT, strength training, boxing, yoga, there’s an app for that. Chris Hemsworth’s app, Centr, is currently offering six weeks of free memberships for new users. It also includes meal plans and guided meditations.

Don’t have any equipment? Keep It Cleaner is offering a free virtual gym with workouts on Wednesdays and Fridays. You can join via their Facebook page.

Annie Belcher, a Melbourne yoga teacher, has free audio yoga classes available for download on her website.

Orange Theory is even getting in on the virtual wave. They are sharing a new workout online every day. You might need equipment for some of the classes, but just a random 3-5kg item, or my personal favorite, a gallon of water, will do.

Daily Burn is a subscription platform with routines for yoga, running, and at-home HIIT workouts. They’re currently offering 60 free days of membership.

The App Store’s highest-rated yoga app, Down Dog, is completely free until April 1st. The offer is also extended to their other apps: Yoga for Beginners, HIIT, Barre, and 7 Minute Workout. For school teachers and health care workers, the app is free until July.

If you need more inspiration, MSN has a few more fun suggestions.

A Letter to our Clients: COVID-19

To our clients,

As we all continue to closely monitor the Coronavirus (COVID-19) situation, we wanted to share the proactive steps we, as a firm, are taking to ensure the health and safety of our clients, professionals, staff, families, and community. While we are following the rapidly changing health related guidelines and recommendations to help mitigate the Coronavirus’ impact, we are committed to offering the best legal representation to our clients, in the most health conscious way possible.

The health and safety of our firm and our office environment will always be a top priority. However, as the situation continues to develop in North America, we have taken additional steps to ensure we are here to serve you in the safest way possible.

These enhanced measures include:

  • Hourly disinfecting all high-touch areas, including office doors, lobby furniture and conference room surfaces with a high grade disinfecting cleaner.
  • Increased accessibility of hand sanitizer for our clients and our employees.
  • Encouraging digital conferences or teleconferences, in lieu of face to face meetings.
  • Increased flexibility to meet clients where they are most comfortable, whether it be at one of our offices (downtown, Lake Oswego, Hood River, or our new Vancouver office), their homes or other appropriate locations.
  • Increased use of DocuSign and the digital transmission of documents.
  • Ensuring our employees have the information and resources they need to stay healthy, and the ability to stay home if they feel unwell.

We are prepared to address these challenging circumstances with everyone’s safety in mind. If you have any questions, concerns, or suggestions, we would love to hear from you.

Sincerely,

Timothy J. Resch
Managing Partner