The CARES Act – What it Means for You, Your Retirement Plan, & Your Plan Participants3,036 views
The CARES Act is the third round of federal government support in the wake of the coronavirus crisis and associated economic fallout.
The CARES Act provides further support to both individuals and businesses, including changes to retirement plan distribution and tax policy for individuals impacted by or who experience financial consequences as a result of COVID-19.
Key Provisions Impacting the Retirement Industry
- Expands the definition of permissible distributions from retirement plans
- Increases plan loan limits
- Temporarily Waives Required Minimum Distribution Rules (RMDs) for calendar year 2020
- Provides Funding Relief for Defined Benefit Plans