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CRS Releases Report on Retirement and Pension Provisions in the CARES Act
On April 1, 2020, the Congressional Research Service (CRS) released its report, Retirement and Pension Provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act contains several provisions that cover pension plans, retirement plans and Individual Retirement Accounts (IRAs).
As summarized in the CRS report, the CARES Act includes (among other provisions): 1) an exemption to the 10% tax penalty for early withdrawals from retirement accounts for individuals affected by COVID-19; and 2) one-year relief from Required Minimum Distributions (RMDs) for all retirement plan account holders.
The report is available here.