The Federal Emergency Management Agency’s (FEMA) “funeral assistance” program will continue to provide benefits for individuals who incurred funeral expenses due to a death caused by COVID-19 through September 20, 2025.

The Secure Act 2.0 involves many benefit-related matters including changes to the prior law. The relief offered by this act applies both to affected participants and their beneficiaries as well as the fiduciaries responsible for plan operations, including the employer which sponsors the plan; however, this is not blanket relief.

President Biden signed a resolution terminating the COVID National Emergency as of April 10, 2023, which will leave plan sponsors and their advisors one month less time to adjust their documents and practices relating to certain provisions.

Signed into law at the end of 2022, the SECURE 2.0 ACT of 2022 includes provisions that, in general, favor and promote employee ownership through Employee Stock Ownership Plans (ESOPs).

ESOPs have long been favored in legislation on a bipartisan basis, and it seems that entrepreneurs and business owners will be able to count on their availability to use as a unique succession planning tool.