Clark Hill Attorney Luke D. Bailey Published in Chicago Daily Law Bulletin
Clark Hill attorney Luke D. Bailey was recently published in the Chicago Daily Law Bulletin. The article, “CARES Act could allow early retirement fund access,” discusses the details of the CARES Act, such as qualifying employees, tax treatment, and loan rules.
“With the CARES Act, Congress increased the ability of employees who have been negatively affected by the COVID-19 pandemic to access their 401(k) and other qualified retirement plan savings on an emergency basis. Plan sponsors have a choice whether to implement the new rules and, if the plan covers collectively bargained employees, the implementation will likely first need union consent.”
To read the full article, please click here.
Bailey concentrates his practice in employee benefits law and executive compensation. He has extensive experience in the tax and fiduciary requirements of qualified retirement and other employee benefit and executive compensation plans of both private and public corporations and state and local governments. Bailey’s practice consists primarily of designing, drafting, and advising on the operational compliance issues of qualified retirement plans (401(k) and defined benefit), nonqualified deferred compensation plans subject to Section 409A of the Code, and stock compensation plans.