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ARTICLE · 08 APRIL 2020

CARES Act Relief: Defined Contribution Plan Provisions

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On March 27, 2020, the House of Representatives followed the Senate's lead in voting overwhelmingly to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the "Act")...

United StatesCoronavirus (COVID-19)
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Richard G. Schwartz
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Seyfarth Synopsis: On March 27, 2020, the House of Representatives followed the Senate's lead in voting overwhelmingly to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the "Act"), which the President immediately signed into law. This post highlights the defined contribution retirement plan provisions contained in the law. Click here to review the executive compensation provision contained in the law; click here to review the health and welfare plan provisions; and click here to review the defined benefit plan provisions.

  • Tax-Favored "Coronavirus-Related" Withdrawals. Coronavirus-related distributions ("CV Distributions") from defined contribution retirement plans (including IRAs) will not be subject to the 10% penalty that normally applies to early withdrawals. An individual may elect to include the amount of the qualified CV Distribution(s) in income over a three-year period.

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