CARES Act Election Form

We hope you’re doing well and staying healthy. We recently sent you information regarding the CARES Act and options such as CRDs (Coronavirus Related Distributions) and CRLs (Coronavirus Related Loans)  which you can add to your plan. (Click here to see  a copy of the email.) To institute any of the CARES provisions, please complete the election form.

ALL of the elections are temporary – none extend past 2020 - and completely optional. Your plan can be amended to include any combination of provisions that you prefer. If, for instance, your plan does not allow for loans, you could offer CRLs temporarily to any employee who meets the Qualified Individual definition, but not allow loans for any other reason or to any other employees. Or you can amend to allow CRDs and not allow CRLs at all.

Your plan MUST be amended to include the CARES Act choices you select but the  amendment is not required to be signed until 2022. This election form documents your selections until the formal amendment is available. Blue Sky will not charge to complete this amendment.