First the SECURE Act and now the CARES Act have made important changes to the rules for required minimum distributions from individual retirement accounts and 401(k)s.

With the coronavirus pandemic causing acute financial harm to so many Americans, plan sponsors may feel compelled to offer hardship withdrawal relief in their plans; plan advisers can help them make the best decisions for their workforce by, for example, endorsing loans over outright withdrawals. 

The IRS may determine that a ‘partial termination’ of a plan has occurred if a company undergoes sizable layoffs—but not furloughs—potentially impacting vesting schedules and other aspects of plan operations.  

The retirement plan-focused provisions passed by the Senate last night are among many meant to ease the financial pressures posed by the coronavirus pandemic.