CARES Act Overview
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted into law by the President. Although this bill is meant to be a broad stimulus to help with the effects of our current health crisis and economic downturn, it does include several valuable retirement plan specific provisions:
Makes available a new coronavirus-related distribution option to provide increased access to retirement funds as well as provide relief for certain tax ramifications related to these distributions
Increases amounts available for plan loans
Provides loan repayment relief with a temporary suspension of payments
Waives 2020 required minimum distributions for plans other than defined benefit plans
Provides funding relief for single employer defined benefit plans
Please visit our page dedicated exclusively to the CARES Act to find details about the new provisions available, sample employee communications and FAQs.