Important News Related to Your Retirement Plan
CARES Act (COVID-19 Relief Bill)
Recently, the U. S. Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This document provides an overview of the retirement plan provisions in the CARES Act that could offer you financial relief.
How do you know if you qualify for this relief?
Relief is available to “qualified individuals,” meaning either:
You, your spouse or dependents have been diagnosed with coronavirus (SARS-CoV-2 or COVID-19), or
You have experienced adverse financial consequences due to coronavirus, resulting from:
Being quarantined, furloughed or laid off.
Having work hours reduced.
Being unable to work due to lack of childcare.
Closing or reducing hours of a business you own or operate.
To allow qualified individuals to get needed financial help as quickly as possible, our retirement plan now allows the following temporary withdrawal and loan relief permitted by the CARES Act:
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