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Answers to Your Questions on the CARES Act & Retirement Plans

2020 
By Fred Reish

The most commonly asked questions and answers on the CARES Act and retirement plans


Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.


QUESTION 1:  If a plan sponsor does not adopt provisions to allow for COVID-19 withdrawals, but a terminated participant who is under the age of 59½ takes a withdrawal and uses the distribution for COVID-19-related expenses, does the 10% early withdrawal penalty apply?



The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.

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