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CARES Act - 403(b)/457(b) plans
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act in an effort to provide relief to those affected by COVID-19 and its economic impact. This legislation included significant changes that, if allowed by your plan, make it easier for participants to access funds from employer sponsored 403(b)/457(b) plans. The following provisions are effective immediately:
- Required Minimum Distribution: Required Minimum Distributions (RMD) have been waived for 2020.
- Coronavirus Distributions: Until December 31, 2020, eligible participants may take a distribution up to $100,000 across all plans. These taxable distributions eligible under the CARES Act are not subject to 10% withdrawal penalties. To be eligible, the participant or their spouse or dependent must be diagnosed with COVID-19, or the participant must have experienced an adverse financial consequence due to COVID-19 (ex: furlough, reduction in hours, unable to work due to childcare, loss of business, or other factors identified by the Secretary of the Treasury).
- Plan Loans: Until September 23, 2020, loan limits are increased to the lesser of $100,000 or 100% of the participant’s vested account balance. Some outstanding loan repayments may be delayed for up to one year (please contact your investment provider for details). To be eligible, a participant must meet the same conditions outlined for distributions noted above.
TSACG provides an Online Distribution System (https://transaction.tsacg.com), which gives you the ability to initiate the authorization process for all types of plan transactions 24 hours a day, 7 days week. If you have any questions about the above information or the steps necessary to submit a transaction request, please contact your financial advisor or our Participant Transaction Team at Recordkeeping@tsacg.com or 888-796-3786 option 4.