b'LEGALREPORTCARES Act Changes Laws for PVA Industry Employee and Employer Individual Retirement AccountsBy Steven Bers, Esq., PVA General CounselB y the time this edition of the FOGHORN issues, IWhose spouse or dependent is diagnosed with COVID-19 sincerely hope that the COVID-19 pandemic has di- or SARS-CoV-2, orminished its scope and impact. Unfortunately, even ifWho experiences adverse financial consequences as a the virus comes under medical control, the economic impactresult of being quarantined, being furloughed or laid will certainly continuemost notably in the lost value ofoff or having work hours reduced due to such virus or individual retirement account plans. As of this writing,disease, being unable to work due to lack of child care invested savings have lost anywhere from 15% to 25% indue to such virus or disease, closing or reducing hours of equity value. Passenger vessel owners and employees havea business owned or operated by the individual due to been especially hard hit. The CARES Act provides, in onesuch virus or disease [emphasis added], or other factors of its economic rescue provisions, enhanced access to retire- as determined by the Secretary of the Treasury.ment savings. It is likely that many passenger vessel industry owners The Coronavirus Aid, Relief, and. Economic Security Actand employees will be considered to be qualified individuals (the CARES Act), Sections 2202, provides for increasedentitled to retirement plan relief, given the substantial closure access to funds in employer retirement plans for qualifiedof the industry.individuals impacted by the Coronavirus. Qualified indi- Penalty Free Distributions and Delayed Tax Rulesviduals are individuals: The CARES Act provides that distributions of up to Who are diagnosed with COVID-19 or SARS-CoV-2, $100,000 may now be made from qualified retirement Engine power solutionspower up your excursion experienceCreating an edge for your excursion business relies on producing a more positive customer experience. With Scania engines powering your vessels, youre full speed ahead of the competition. Scania designs, engineers and builds marine engines famous for their power and reliability. Engine noise has been minimized to allow your customers to fully appreciate the sounds of nature, while alsoeasily hearing tour information and safety instructions from your crew.Scania marine engines produce high torque at low revolutions, resulting in exceptional maneuverability in tight harbors. Plus, Scanias record of proven performance, dependability, and superior support and service will keep your operation on schedule, today and tomorrow. Empower your operationwww.scaniausa.com28MAY 2020FOGHORN'