Money purchase plan distributions available for COVID relief

Ary Rosenbaum
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Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Consolidated Appropriations Act, 2021, signed into law by President Donald Trump on December 27, 2020, provided COVID-19 relief, including some retirement plan law changes.

The COVID-Related Tax Relief Act of 2020, which is Subtitle B of the Act, amends the CARES Act to provide that in-service distributions from money purchase pension plans can qualify as COVID CARES Act distributions. This change is effective as if made part of the CARES Act.

Money purchase plans still do exist and they should have been treated the same as other Defined Contribution Plans, as it pertains to the CARES Act.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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