Sign Up to Receive Updates

Would you like to sign up for automatic notifications when updates are available? Enter your email address and we will make sure you're up to date.

No thanks | Already Registered

The $2.2 trillion Coronavirus Aid, Relief and Economic Security Act (CARES Act) was enacted on Friday, March 27, 2020.

Significant IRA and workplace retirement provisions require a rapid response by retirement providers across the country. Accordingly, Convergent will be updating this microsite regularly as additional retirement-related information, guidance and relief become available.

Here are the specific provisions of the CARES Act affecting IRA owners and retirement plan participants:

SEC 2202. Special rules for the use of retirement funds
SEC 2203. Temporary waiver of required minimum distribution rules for certain retirement plans and accounts

Here is a link to a recording of a complimentary CARES Act webcast Convergent conducted on Wednesday, March 25, 2020, providing an overview of the anticipated changes.

Other Recent Activity

IRS Notice 2020-52 COVID-19 Relief and Other Guidance on Mid-Year Reductions or Suspensions of Contributions to Safe Harbor IRC Section 401(k) and IRC Section 401(m) Plans.
IRS Notice 2020-51 Guidance on waiver of 2020 required minimum distributions (RMDs).
IRS Notice 2020-50 Aims to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans.
IRS Notice 2020-23 Provides expanded tax filing relief, including extension of time for completing rollover transactions
IRS Notice 2020-18 Extends the tax-filing deadline – and funding deadline for IRAs, HSAs and ESAs – to July 15, 2020
IRS - Coronavirus-related relief for retirement plans and IRAs questions and answers