CARES Act – taking a distribution
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) allows for a new type of distribution from a retirement plan referred to as a “coronavirus related distribution”. The distribution may be up to $100,000 and must take place between March 27, 2020 and before December 30, 2020. Your employer has elected to offer these distributions for plan participants that meet the specific eligibility requirements of the Act.
To review the eligibility requirements and request approval for a coronavirus related withdrawal, login to planwithease.com. You will use your CPS.Plan4Retirement.com login credentials to sign in. Select Request Transactions – Loans and Withdrawals and choose the “Coronavirus Related” option from the Withdrawals section.