The CARES Act – which stands for the Coronavirus Aid, Relief, and Economic Security Act – has sweeping implications for both defined benefit (DB) and defined contribution (DC) retirement plans in the U.S. From distribution and loan relief for qualified individuals on the DC side, to deferral and election options for single-employer plans on the DB side, the CARES Act is intended to provide fast and direct economic assistance for workers and plan sponsors across the country. On this episode of Critical Point, Charles Clark, Milliman’s Employee Benefits Research Director, and Ginny Boggs, Senior Regulatory Compliance Consultant at Milliman, discuss the ins and outs of the CARES Act and what it means for retirement plans.
You can read the episode transcript on our website.