Page 18 - AprDefComp
P. 18
Coronavirus Aid, Relief and Economic Security Act ("CARES Act")
• Signed into law March 27, 2020
("Enactment Date")
• Provides significant relief to individuals,
businesses and other organizations in
response to the Coronavirus - COVID-19
• Specific retirement provisions
• Allows tax-favored withdrawals
from retirement plans: 401(k),
403(b), governmental 457(b)
• Provides option to suspend
participant loan repayments
• Increases maximum amount a
participant can take as a loan
• Eliminates minimum distribution
requirements in 2020
• Permits plans to operate with these
provisions now and amend later
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