260 0 obj <>stream The president could make a further declaration. A key consideration is whether current plan loan and distribution options are sufficient, or whether the new distribution and loan options would be beneficial to their participants. Contact us for more information. Please direct all licensing questions to [email protected]. Coronavirus-related WitHdraWal reQuest as used on this form, the term “voya,” “Company,” “we,” “us” or “our” refers to your plan’s funding agent and/or services provider. … Any subsequent repayments must be adjusted to reflect the delay and interest accrued during the delay. About Voya; For Employers; For Professionals; Investment Management; Investor Relations; menu. Skip to main content. Voya is reviewing the bill to fully understand all provisions and requirements. COVID-19 (Coronavirus) response: 401(k) questions. Unless the individual elects otherwise, a CRD is included in gross income ratably over three years. We’ve created this site to provide you with up-to-date information about how Voya Employee Benefits is responding. The distribution must come from an “Eligible Retirement Plan,” (an IRA, 401(a) plan (including a 401(k) plan), 403(b) plan, or governmental 457(b) plan) and must be made to an eligible individual on or after January 1, 2020 and before December 31, 2020. The CARES Act also has, for 2020, waived RMDs for all types of defined contribution plans. This material is provided by Voya for general and educational purposes only; it is not intended to provide legal, tax, or investment advice.

Again, in making all of these considerations, the right planning tools and, depending on what decisions are made, self-discipline, will be important.

Here are some questions that are likely to come up soon. The president’s declaration of a national emergency, however, is not the same as a declaration of a disaster.

Under this provision, employers are now able to reimburse a “qualified education loan.” This provision expires on Dec. 31, 2020 so employers will have to decide if they want to offer this for the remainder of 2020. We also recommend individuals talk with a financial advisor before taking any action. All rights reserved. h�bbd```b``q �� �IDr��Ej�"�`�D���/$K�d5�^����N���d%���% R�L���\`�P�gV_ "���xIF�8�V�l About Voya; For Employers; For Professionals; Investment Management; Investor Relations ; menu. Yes, by following the plan’s normal rules and procedures. Before acting on any of the provisions, we believe that employers and individuals should give careful consideration prior to taking advantage of these provisions and at what levels. Differentiate Yourself as a DC Specialist, Voya Behavioral Finance Institute for Innovation.

Should I withdraw money from my 401(k)? This article was written by Varnum Llp from National Law Review and was legally licensed through the NewsCred publisher network. Although the CRD is taxable, the 10% early withdrawal penalty and the 20% mandatory withholding will not apply to CRDs. Search submit search. Voya Insights. For example, businesses that have been heavily impacted by COVID-19, such as the travel industry, airlines, small businesses and others, will likely have employees that may have a higher need, or interest in taking a distribution or loan from their plan. This is an important benefit for those who do not want to remove assets from their plan or IRA at a time when equity markets have declined sharply. For financial professional use only. On the other hand, if the applicable provisions were established as administrative policies, they could be changed by administrative action without a plan amendment. 0 The withdrawal options available to you are defined by your retirement plan. Search submit search. First and foremost, we continue to encourage individuals to first utilize their emergency savings accounts before tapping long-term retirement savings.

Perhaps, depending on the circumstance, but probably not yet.

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