CARES Act Relief for Retirement Account Owners

Several provisions of the massive coronavirus stimulus package – the CARES Act – signed into law March 27, 2020 deal with retirement accounts and offer relief both to their owners and beneficiaries. Specifically, the law introduces a new type of withdrawal called a Coronavirus-Related Distribution and significantly modifies the rules regarding Required Minimum Distributions (RMDs) for IRAs and 401(k)s.

We’ve reviewed the legislation and put together a short, client-ready Q&A that we hope answers some more urgent and top-of-mind questions your clients may have about what, exactly, these new rules are and how they might affect their personal financial plans this year.

Additional guidance around these rules may be forthcoming from the Treasury Department in the weeks ahead, so we will update you as new information becomes available. Our goal, as always, is to provide what you need to offer your clients a clear and confident financial path forward through these fast-changing times.

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