Retirement Plan Changes by Congress and the IRS in Response to COVID-19
COVID-19 has created an economic crisis and Congress and the IRS have employed numerous tactics to alleviate the impact. Among these efforts, are significant changes to retirement savings options including increased loan options, penalty eliminations, and RMD waivers. Regardless of whether an employee has been negatively impacted, employees should analyze their retirement plans and savings habits over the coming months to make the most of these changes to their retirement plan options. Employers must also analyze their plans to ensure employees are not negatively impacted in the event of large layoffs. In this program advisers will come away with a new perspective on old retirement plan rules to better guide their clients during this uncertain time.