President Trump signed the massive $2 trillion federal stimulus package, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) bill into law. His signature came just hours after the House of Representatives passed the measure by a voice vote, and less than 48 hours after it received unanimous approval from the Senate. The CARES Act includes several provisions that will directly impact many IRA/HSA owners and retirement plan participants. The CARES Act includes provisions making it easier and less costly for IRA owners and plan participants to access their retirement savings during 2020 and waives all required minimum distributions for 2020. In addition, the law will provide additional flexibility for that will enable insurers to help make necessary treatments and coverage available to HSA owners.
We will continue to monitor these changes as the situation evolves and provide additional updates as more details become available.