COVID-19 Resources: Business or Municipal

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COVID-19 Update: Congress Expands Access to Retirement Accounts During Emergency

access_time Posted on: April 6th, 2020

COVID-19 Update: Congress Expands Access to Retirement Accounts During Emergency Written by Attorney Timothy J. Bupp, CELA; CGA Estate Practice Chairman Among the many provisions of the $2.2 trillion dollar CARES Act passed by Congress in March are several directed at retirement plans.  These provisions loosen the usual restrictions on qualified accounts for those suffering economically from the current emergency.           — Emergency Withdrawals.  Early withdrawals from an IRA or  qualified plan account usually trigger a ten- percent excise  penalty.  However, the CARES Act now allows Covid-related distributions from a qualified account of up to $100,000 without the penalty, so long as the participant repays the… read more »