Instant Insights / How to Navigate the CARES Act

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CARES Act: 5 areas sponsors should focus on to help retirement plan participants

By acting quickly and documenting changes, benefit executives can help employees and keep retirement plans in compliance.

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Provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 have many benefit sponsors scrambling to make sure their company retirement plans are in compliance with the new regulations, should they choose to implement them. Plan sponsors know time is of the essence to help employees during this crisis. That’s where the CARES Act comes into play. If certain criteria (see below) are met, the CARES Act allows individuals to take a coronavirus-related distribution (CRD) from their retirement account to mitigate the financial impact of the pandemic.

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