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By Jim Terwilliger ‘What is important is knowing how to adjust your retirement planning strategy to exploit [the CARES ACT] provisions in a way that is most beneficial to you.’ On May 27, President Trump signed the CARES (Coronavirus Aid, Relief, and Economic Security) Act of 2020, providing unprecedented emergency relief to individuals and businesses impacted by COVID-19. Included in the legislation are several provisions impacting individual retirement accounts (IRA) and employer retirement plans. This article is intended to provide a high-level overview of just a few of these provisions. Required Minimum Distributions (RMDs) Waived for 2020 This year’s RMDs are waived for all folks expecting to take RMDs from IRAs and most defined-contribution employer retirement plans in 2020. This waiver also applies to beneficiaries of inherited IRAs, Roth IRAs, and employer plans. Also waived are any remaining 2019 first-year RMDs having an ultimate due date of April 1, 2020 and not withdrawn by Jan. 1, 2020. Fortunately, the CARES Act provides for a reversal of any Jan. 1 to April 1, 2020 distribution depending on circumstances as described below. Not waived are distributions from defined-benefit employer plans, annuitized pension plans or non-governmental 457(b) deferred-compensation plans. Unwanted Distributions Can Be Reversed