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.
About the author
Newfront Retirement Services Team
Drawing on their extensive investment and ERISA experience, the Newfront Retirement Services Team puts employees on the right track for success. They believe retirement readiness means achieving total financial wellness.
The information provided is of a general nature and an educational resource. It is not intended to provide advice or address the situation of any particular individual or entity. Any recipient shall be responsible for the use to which it puts this document. Newfront shall have no liability for the information provided. While care has been taken to produce this document, Newfront does not warrant, represent or guarantee the completeness, accuracy, adequacy, or fitness with respect to the information contained in this document. The information provided does not reflect new circumstances, or additional regulatory and legal changes. The issues addressed may have legal, financial, and health implications, and we recommend you speak to your legal, financial, and health advisors before acting on any of the information provided.
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