View Summary: Coronavirus CARES Act Summary from the ARA
Coronavirus Stimulus Bill Includes Retirement Relief
President Trump just signed into law the Coronavirus, Aid, Relief and Economic Security (CARES) Act. Included in the Act are key and timely changes to retirement plan provisions that offer plan participants affected by COVID-19 easier access to their account balances.
Please view the PDF linked above for a great summary published by the American Retirement Association (ARA).
There are changes to withdrawal rules and amounts, participant loans, Requirement Minimum Distributions (“RMD’s”) (The RMD relief mentioned on the FAQs sheet does not apply to defined benefit plans. It is only for defined contribution plans and IRAs.), and defined benefit plan contribution deadlines. All changes are meant to assist Plan Sponsors and Plan Participants.
If you have any questions about your plan, please contact your Retirement Plan Consultant at Pinnacle Plan Design.
Pinnacle Plan Design is a third-party administrator (TPA) for employer-sponsored qualified retirement plans. We specialize in retirement plan design, administration and actuarial consulting for 401(k)/profit-sharing plans, defined benefit plans, cash balance plans, and 403(b) plans. Pinnacle Plan Design proudly serves businesses nationwide.