CARES Act and Retirement Plan Information
With the spread of COVID-19 and its financial impact on businesses, plan sponsors may need to preserve cash flow by reducing their 401(k) contributions, and employees may need money from their 401(k) accounts for the necessities of life.
This article discusses some of the available options—both under pre-existing (or “regular”) rules and the special rules in the new CARES Act and IRS guidance for the coronavirus impact.
The American Retirement Association has also published some FAQs highlighting some of the relief measures included in the CARES Act. Read the FAQs here.
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