On December 28, 2020, we looked at what the Consolidated Appropriations Act of 2021 (“CAA of 2021”) means for your flexible spending and dependent care accounts.Today, we tackle the sprawling bill’s effect on your health and retirement plans. [55][56][57] It was speculated that Trump might use a pocket veto. This article highlights key provisions for farm … The comprehensive relief package funds certain hard-hit industries, expands eligibility for the Paycheck Protection Program (PPP), and extends and expands the Employee Retention Tax Credit. [66], On December 28, the House passed the Caring for Americans with Supplemental Help Act (CASH Act), a standalone bill to increase direct payments to $2,000[68] for those who make under $75,000 annually. The Consolidated Appropriations Act, 2021 bill was passed on December 21, 2020 and signed into law by the President on December 27, 2020. On December 27, 2020 the President signed the Continuing Appropriations Act of 2021 making it law and then avoiding a government shutdown while, among other things, addressing some issues facing those affected by the pandemic. On December 27, 2020, the Consolidated Appropriations Act, 2021 ("CAA" or the "Act") was signed into law. [12] In the video, Trump complained about various spending line items in the bill for not being related to COVID-19, but these expenditures were part of the regular annual (fiscal year 2021) appropriations, not the COVID-19 stimulus portion of the bill. Section 209 of the Act provides that a plan will not be treated as having had a partial termination during any plan year which includes the period beginning March 13, 2020, and ending March 31, 2021, if the number of active participants in the plan covered on March 31, 2021, is at least 80% of the number on March 13, 2020. [110] Additionally, the appropriations provisions of the bill contain various policy riders. [44], Several members of both parties voiced unhappiness with such a large bill being presented to them with little time to understand what was inside it. [6], The bill was passed by both houses of Congress on December 21, 2020, with large bipartisan majorities in support. This has been extended to 12/31/2021. October 26, 2020. On December 27, 2020, President Trump signed into law The Consolidated Appropriations Act, 2021 (the CAA). It permits employers with pension plans to offer “phased retirement” options to employees who have attained at least age 62, enabling older workers to afford to reduce their hours as they approach retirement age. The Consolidated Appropriations Act, 2021 enhances and expands two individual retirement account (IRA) provisions included in the Coronavirus Aid, Relief, and Economic Security Act (i.e., CARES Act). This bill became the vehicle for passage of the Consolidated Appropriations Act, 2021, a major government funding bill, which also included economic stimulus provisions due to the coronavirus pandemic. We have listed the key provisions below. The Consolidated Appropriations Act, 2021 generally provides the annual funding for the federal government and also contains several important rules giving further COVID-19 relief. [106] The act also included funding for the U.S. contribution to the replenishment of the Global Fund to Fight Aids, Tuberculosis and Malaria, a goal of global health advocates. [5] The bill was split into two parts in the House, with one portion passing 327–85 and another portion 359–53. [106] The foreign aid appropriations are an increase of about 1%.[106]. [65] [66] Upon signing the bill, Trump released a statement containing various false statements and grievances. Special recontribution rules allow recipients to recontribute hardship distributions initially taken to purchase or construct a principal residence in a qualified disaster area, but which were used for a different purpose due to the qualified disaster. $16.68 billion for State Department operations, $8 billion in Overseas Contingency Operations (OCO) funds, $7.8 billion for humanitarian and disaster assistance, $3.4 billion for the development assistance account, $1 billion for food security and agricultural development, $875 million for education (including $100 million for, the re-authorization of intelligence programs, copyright and trademark protections, including creation of a small-claims court in the, Incorporation of the Aircraft Certification, Safety and Accountability Act, addressing aircraft safety issues in the wake of, Incorporation of the Leonel Rondon Pipeline Safety Act, named after a man killed in the 2018, Incorporation of the Preventing Online Sales of E-Cigarettes to Children Act, requiring in-person age verification when online purchases of, Incorporation of the Horseracing Integrity and Safety Act, establishing national safety standards for the, Extension of Medicare and Medicaid reimbursement rates for health care providers and procedures. President Trump signed the Act on December 27, 2020. For more information, visit https://www.jacksonlewis.com. "The bill that includes the coronavirus relief package also has a provision that makes illegal streaming a felony", Facebook posts wrongly say COVID-19 bill includes foreign aid, arts funding, "U.S. COVID-19 relief package causes '$500 million for Israel' to trend online", Division-By-Division Summary of Authorizing Matters, "The COVID-19 Stimulus Bill Would Make Illegal Streaming a Felony", "Congress (Once Again) Sells Out To Hollywood: Sneaks CASE Act And Felony Streaming Bill Into Government Funding Omnibus", GAMA Statement on Aircraft Safety and Certification Bill, 'Leonel Rondon Pipeline Safety Act' included in massive COVID-19 bill, Congress Passes Bill to Stop Underage Vapor Sales, Congress approves bill to crack down on racehorse doping. Late in December, the Consolidated Appropriations Act, 2021 (CAA) was signed into law by President Trump. This is an increase from the CARES act which was limited to a $300 deduction per tax return, including joint filers. As noted in our prior blog post, the Consolidated Appropriations Act, 2021 (the Act) includes several types of relief for flexible spending accounts (FSAs), impacting both health FSAs and dependent care FSAs. The hardship distribution must have been received 180 days before and up to 30 days after the qualified disaster incident. Highlights of the Provisions Relevant to Retirement Plans. Similar to the relief included in the Further Consolidated Appropriations Act 2020, the CAA of 2021 includes provisions that provide flexibility in distributions and loans from certain qualified retirement plans that are requested as a result of a disaster declared as such under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. This article covers the Act’s effects on employer-sponsored retirement plans. 133 ("Act"), a spending bill that combines $900 billion in … The Consolidated Appropriations Act, 2021 generally provides the annual funding for the federal government and also contains several important rules giving further COVID-19 relief. “Qualified disaster areas” are those areas with respect to which a qualified disaster was declared, but do not include areas that are disaster areas solely due to the COVID-19 pandemic, relief for which was provided by the CARES Act.
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