The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) was passed by Congress and signed by President Donald Trump on March 27 (Enactment Date) and offers relief to employees who may need to tap into their retirement accounts.
The CARES Act requires that employers who wish to take advantage of these optional expanded rules must amend their retirement plans no later than the end of the 2020 plan year.
The relief includes:
- Relief from the 10% early withdrawal tax for individuals looking to request an in-service distribution or a hardship withdrawal from their company retirement plan prior to ...
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