How will the CARES Act impact retirement plans and distribution strategies?

Irish Chamber member, Brendan McPoyle, CFP®, Partner and Wealth Manager at Princeton Global Asset Management, will provide members the most recent updates on how the CARES Act will affect. retirement plans and distribution strategies.

Click HERE to download the presentation, click HERE for a recording of the webinar.

CARES Act Summary: Withdrawal changes
– Tax -favored withdrawal, penalty-free, coronavirus-related distributions up to $100,000 between Jan. 1-Dec. 31, 2020.
– Repayment of coronavirus-related distributions permitted within three years of taking the distribution.
– Coronavirus-related distributions may be included in individuals’ taxable income over a three-year period.
– The mandatory 20% withholding will not apply.

Required Minimum Distribution (RMD) Changes
– Required Minimum Distributions (RMDs) may be waived in 2020 (including those who had not yet received their first distribution if they turned 70 ½ in 2019).
– A plan or IRA beneficiary receiving distributions over a 5-year period will be able to waive the distribution for 2020.

Loan changes
– Plan loan dollar limits will be temporarily increased to the lesser of $100,000 or 100% of the participant’s vested balance (applies to loans taken within 180 days of the enactment).
– One-year delay for loan repayments due in 2020 with subsequent payments adjusted to take into account the delay. Loan durations (including the 5-year maximum) may also be disregarded during this period, if payments are delayed.

Time
10.30 am – 11.30 pm: Keynote presentation; Question & Answer session

Location
Webinar – link will be sent upon registration.

Registration

Questions?
Contact Alanna Barry McCloskey at abarry@iabcn.org or call/text 215.772.3101

Webinar Etiquette
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– Treat this like an “in-person” meeting and make sure you are distraction free.
– Be aware that in a video conference the camera is always on. So if you are distracted, it may be disruptive to others.