VIDEO: A Quick CARES Act Refresher

July 22nd, 2020
by Jonathan Leidy

 

 

Signed into effect earlier this year, the Coronavirus Aid, Relief and Economic Security (CARES) Act is a robust economic stimulus package designed to help small business owners and hardworking American families during these unprecedented times.

As part of the act, retirement plan participants have been authorized to use their retirement plan savings for emergency financial relief. Specifically, CARES introduces two new distribution options:  Coronavirus Related Distributions (CRDs) and enhanced loan provisions.

As the pandemic wears on, it’s worthwhile for plan sponsors to remain familiar with these newfangled distribution types and the associated employee questions that might arise.

For a quick CARES Act refresher, please watch the video above, and feel free to contact us for a more detailed review of the act’s provisions.