CARES Act Impact on Retirement Plans

Effective March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) brings immediate changes and relief to certain qualified retirement plans, consistent with natural disaster relief issued in the past and the relief provided after the 2008 economic downturn. The changes are described in the link below in Q&A format, which provide participants with increased access and special tax treatment for plan distributions in the midst of a pandemic.