On March 27, 2020, President Trump signed the Coronavirus Aid,
Relief, and Economic Security Act (the "CARES Act").
Among many other provisions, the CARES Act allows participants
affected by the 2020 coronavirus pandemic to have greater access to
retirement funds. The new law loosens the in-service distribution
restrictions that apply to many retirement plans and significantly
eases the tax burden on qualified individuals who take
distributions from qualified retirement plans or IRAs.
The CARES Act also (i) for qualified individuals, expands the
qualified plan loan rules; and (ii) for all retirement plan
participants and IRA owners, following a cue from relief issued
after the 2008 financial collapse, temporarily waives required
minimum distributions from defined contribution plans and IRAs for
2020. Employers with defined benefit plans may delay required
contributions and may use their plan's prior funding status for
purposes of funding-based restrictions on benefits
