Stimulus Package and 401(k)

On Friday, March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a massive relief bill for those suffering as a result of the Coronavirus pandemic.

First, the CARES Act relaxes the restrictions in defined contribution plans for plan participants and their beneficiaries to access their funds if needed to assist them in this difficult time. The Act refers to “qualified individuals”. We dissect the fine print of the CARES Act in this blog post.

For Plan ParticipantsApp AdminMarch 30, 2020COVID-19, From BonnieComment

IRS Tax Extension: What you Need to Know

The IRS updated its website to indicate that it has extended the 2019 deadlines for making contributions to workplace-based retirement plans, IRAs, and health savings accounts to July 15, 2020.

These extensions are in accordance with IRS Notice 2020-18, which extended the deadline for filing federal income tax returns from April 15 to July 15. Find out more in this blog post.

For Plan ParticipantsApp AdminMarch 26, 2020COVID-19, From BonnieComment

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