Page 19 - AprDefComp

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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