CARES Act Changes Required Minimum Distribution Rules for 2020

CARES Act Changes Required Minimum Distribution Rules for 2020



On March 27, the president signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) as part of the $2 trillion stimulus package intended to stabilize the economy during the devastating coronavirus pandemic. The CARES Act provides for a temporary waiver of required minimum distributions (RMDs) that would otherwise be payable in 2020 for IRC Section 403(a) and 403(b) defined contribution plans, governmental IRC Section 457(b) defined contribution plans, and individual retirement plans.

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