Initial Key Takeaways from the American Rescue Plan Act of 2021 | Morgan Lewis
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House Passes $1 9 Trillion Covid-19 Stimulus Bill; Biden Plans to Sign Friday -- 2nd Update
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By Andrew Duehren and Kristina Peterson WASHINGTON The House was set to pass a $1.9 trillion coronavirus relief package Wednesday and send it to President Biden for his signature, as Democrats prepared to push through new payments to households and other aid measures without any Republican support. The relief bill pairs new funds for public-health measures with another dose of economic aid, offering a $1,400 check to many Americans and an extension of a $300 weekly jobless-aid supplement. It includes a one-year expansion of the child tax credit that Democrats hope to make permanent; showers money on schools, vaccine distribution efforts and state and local governments; and provides support to struggling multiemployer pensions, among other measures.
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Plan sponsors and recordkeepers have long wished for updated electronic delivery or e-delivery rules that permit electronic delivery as the default form of distribution, and one that could be applied uniformly for all notices and participant elections made under an employer benefit arrangement.
But over the years, each of the major agencies – Department of Labor (“DOL”), Internal Revenue Service (“IRS”), and Pension Benefit Guarantee Corporation (“PBGC”) have historically had their own take on electronic delivery methods that are permissible. But with the DOL publishing its final rule in this area on May 27, 2020, we have e-delivery as the “default” method for the first time, and we move ever closer to harmonizing these rules and harnessing the power of the World Wide Web.