What Does the CARES Act Mean for Your Retirement Plan?

On March 27, 2020, President Donald Trump signed into law a historic $2 trillion economic stimulus package that will offer assistance to millions of American households during the COVID-19 pandemic. This relief plan will include cash stimulus payments to individuals, flexibility for tapping into retirement assets, and more. It’s designed to provide assistance to financially struggling Americans, businesses, and hospitals. Here are the major changes for retirement plans/accounts: