Just under three months after the CARES Act was implemented, the IRS has extended the Act’s distribution and loan availability and treatment. We have summarized a few key highlights from each notice that you, as a plan sponsor, should be aware of.
While the CARES Act allows plan participants the opportunity to take greater distribution and loan amounts, it did not consider the challenges social distancing would have on plans with a qualified joint survivor annuity (QJSA) provision.
We seek to keep our partners apprised of recent changes and potential legislative actions that may have an impact on the plans and plan participants we serve.
The Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act, was signed into law on Dec. 20th, 2019. These new legislative enhancements create more flexibility for new & existing plans!