Retirement plan advisers were given ideas to consider and actions to take in response to new legislation, regulation and litigation.
Tag: CARES Act
One scenario in the study predicts a 54% reduction in retirement account balances if a participant were to fail to repay a coronavirus-related distribution.
Officials say criminals have already gotten millions in PPP loans and unemployment insurance.
Anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back.
The Internal Revenue Service is expanding the categories of individuals eligible for special loans and distributions and providing updated guidance on the tax treatment of these distributions and loans.
The tool takes into account the latest rules and resources from the CARES Act.
The draft of the legislation, which will likely be subject to debate and amendment, at this stage includes a number of retirement-focused provisions, including ‘special partition relief’ for struggling union pensions.