Alerts6.25.20
IRS Provides Definitive Guidance on CARES Act Retirement Plan Provisions
The IRS has provided additional guidance on coronavirus-related distributions and special participant loan terms applicable to retirement plans under the CARES Act
Since the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was adopted in late March, retirement plan sponsors and participants have requested clarification regarding certain provisions that temporarily increase access to plan distributions (in the form of “coronavirus-related distributions”) and participant loans, and also relax loan repayment terms for participants who are “qualified individuals.”
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