Even just a few weeks ago it would have been a stretch to imagine that the U.S. Congress would soon be passing the largest single economic stimulus package in the nation’s history. Fast forward to the end of March 2020 and the federal government is in the process of rolling out a $2 trillion relief package, and not a moment too soon. Single week unemployment claims jumped to well above 3 million, a figure that dwarfs the worst weeks of the Great Recession. Find below what we hope will be helpful insight and analysis of what comes next.
Wayne Chopus, president and CEO of the Insured Retirement Institute (IRI) and a close follower of the happenings in Washington, says the stimulus package includes many other forms of much-needed economic assistance that will hopefully help to blunt the impact on workers’ retirement planning success.
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Media outlets suggest one of the federal government’s responses to the coronavirus outbreak will be to temporarily guarantee money market funds—mirroring what proved to be an important policy decision made during the Great Recession.
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Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.