In response to the economic impact of the COVID-19 pandemic, Congress signed into law the Coronavirus, Aid, Relief, and Economic Security (CARES) Act on March 27, 2020. We invite you to view our summary of the CARES Act and the impact to retirement plans.
Financial Relief Amid COVID-19
Included in the CARES Act is a new Coronavirus Related Distribution (CRD) option for eligible participants, increased flexibility around loans, and relaxed provisions around Required Minimum Distributions for 2020.
To ensure your plan has the new CARES Act provisions available to participants, consult your recordkeeper directly to discuss the administrative steps to opt-in, if necessary.