The IRS has recently released Notice 2020-50 regarding guidance for Coronavirus-related distributions and loans from retirement plans under the CARES Act. This new guidance expands the definition of qualified individuals to include the following…

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The CARES Act provides (2) additional options for plan participants to access their retirement funds. With Plan Sponsor approval, coronavirus-related distributions and increased 401(k) Loan limits are available to qualified individuals only* who:

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