Industry News

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), also known as the CARES Act, passed the Senate and was signed into law by President Trump.  Marking the largest stimulus package in U.S. history, the Act provides $2.2 trillion in emergency relief intended to address the economic fallout of the 2020 coronavirus pandemic.  The legislation is aimed to provide unprecedented aid to individuals and businesses across the U.S. economy in response to the Coronavirus (COVID-19) pandemic. 

The CARES Act contains many provisions that impact employee benefit plans and employers.  Among others, the Act contains a number of provisions that affect retirement plans, health care and paid leave.  Under the Act, the required minimum distribution (RMD) rules were delayed for qualified retirement plans, 403(b) arrangements, or individual retirement accounts that rely on the RMD rules under Internal Revenue Code section 401(a)(9).  It permits a temporary waiver of the RMD that should be paid in 2020 until 2021.

H.R. 748 is available here.