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Apr 03, 2020

Inside the CARES Act: COVID-19 Impact Upon Retirement Plans/Accounts

At 880 pages, the Coronavirus Aid, Relief, and Economic Security (CARES) Act covers a lot of ground, offering COVID-19 relief and benefits to a broad swath of the population. Among its significant provisions are those related to workers’ retirement funds. Specifically, the CARES Act makes employee-favorable changes to existing law regarding:

  1. Early Withdrawals;
  2. Loans; and
  3. Required Mandatory Distributions (RMDs)

While a detailed analysis of prior law and all changes made by virtue of the CARES Act is beyond the scope of this blog post, in general terms, the prior guidance and the newly enacted changes are summarized below.» Read More