Page 63 - AprDefComp

Table of Contents
Optional Provisions of CARES Act ......................................................................................................................................................... 4
1. Allow Coronavirus Related Distribution (“CRD”) penalty free from Eligible Retirement Plans. .......................... 4
2. Temporary Maximum Loan Amount Increases up to $100,000 ................................................................................ 4
3. One-year Extension of Loan Repayments ..................................................................................................................... 5
Other Provisions of the CARES Act ........................................................................................................................................................ 5
4. Retroactive Plan Amendments allowed ......................................................................................................................... 5
5. Required Minimum Distributions (RMD) suspended ..................................................................................................... 5
Participant Distribution FAQ’s ............................................................................................................................................................... 5
6. If the Optional Provisions are enacted, what information will Participants receive, and how quickly will the
provisions be ready? ................................................................................................................................................................... 5

7. How will Participants request a Coronavirus-related distribution (CRD)? ............................................................... 6
8. How are we capturing self-certification from a participant? .................................................................................... 6
9. If available, will Participants be able to use online processing for these CARES related loans and
distributions? .................................................................................................................................................................................. 6
10. Does the CARES Act $100k distribution max limit apply in aggregate across Retirement product types,
401(k), IRA, etc? How will MassMutual support this? ........................................................................................................... 6
11. What can participants expect when calling MassMutual to process a CRD? ................................................. 6
12. How will tax withholding apply to CRD’s? .................................................................................................................. 6

13. How is a distribution under CARES Act coded on the 1099R form? ..................................................................... 7
14. Can a qualified participant take both a CRD and loan at the new maximum amounts? ............................ 7
15. Will MassMutual be waiving any participant transaction fees as a result of the CARES Act? ...................... 7
16. When will the CRDs or CARES Act Loans have to be taken by? ........................................................................... 7
Plan Administration FAQ’s ..................................................................................................................................................................... 8
17. How soon after a sponsor returns the RCPO will MassMutual’s systems be updated? ................................... 8
18. If I enact the optional provisions of the CARES Act by responding to the RCPO questionnaire, is there
anything I need to update or change with MassMutual? .................................................................................................. 8
19. Under the CARES Act, will additional loans to a Qualified Individual be allowed if they have already
met the maximum # of outstanding loans? If the loan limit expansion will not be automatic, what will the
Sponsor be required to do to inform you of their intentions? ............................................................................................. 8
20. If my plan only allows distributions from specific sources, what money sources will be used for
processing the CRD’s? ................................................................................................................................................................. 8

21. Is MassMutual charging amendment fees to enact the CARES provisions? What about other
amendments? ............................................................................................................................................................................... 9
22. Does a participant have to be on a leave of absence in order to suspend loan repayments under the
Act? 9
23. What is the difference between Terminated, Furloughed, and Laid Off Employees?..................................... 9
24. What is the process for suspending a participant loan under the CARES Act? ................................................ 9
25. Is a CRD a Hardship Distribution? ................................................................................................................................. 9
26. Am I able to stop making employer contributions to the Plan? .......................................................................... 9

P a g e | 2 | RS-49007-00
This document is intended for Plan Sponsor and Third-Party Administrator use only. Not intended for Participant
use.
Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111-0001,and it affiliated US
insurance companies