Employee Assistance Available from Retirement Plans Through the Coronavirus Aid, Relief and Economic Security (CARES) Act

As of March 27, 2020, both the U.S. Senate and the House of Representatives have passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. It is anticipated that it will be signed into law in the near future.

The legislation waives RMDs for calendar year 2020 for defined contribution plans, including 401(k), 403(b), 457(b) and IRA plans. For people who don’t need the funds, it avoids the misfortune of being forced to liquidate assets when markets have sold off.  Continue reading for rules and considerations.

Source: Innovest Portfolio Solutions, LLC