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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 2020-23 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