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CARES and SECURE Act

Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

The CARES Act,  created in response to the COVID-19 pandemic, was signed into law March 27, 2020. Designed to stimulate the economy, this act has suspended all required minimum distributions (RMDs) for 2020.

Key Takeaways 

  • Those required to take minimum distributions from their retirement account aren’t required to for the remainder of 2020.
  • Distributions made within the last 60 days can be re contributed back into your retirement account, assuming the distribution qualifies for a rollover. 
  • If distributions were taken more than 60 days ago, you may still be able to re contribute if you can demonstrate a coronavirus impact such as inability to work or getting laid off. 
  • This applies to anyone who would normally have to take an RMD in 2020 (either company 401k, 403b, or IRA) regardless of age, even those who turned 70 ½ in 2019.


Setting Every Community Up for Retirement Enhancement (SECURE Act)

The SECURE Act was signed into law December 20, 2019 as part of a large government spending package. The act includes reforms to make saving for retirement more accessible for many Americans. 

Key Takeaways

  • Removal of the ban on contributions to traditional IRAs by individuals with earned income who have reached 70 ½.
  • The age for RMDs for IRAs has increased from 70 ½ to 72 for individuals turning 70 ½ as of January 1, 2020 or later. 
  • Allows long-term, part-time workers to participate in 401(k) plans, depending on the number of hours worked.


This material has been prepared for informational purposes only.  The information contained herein has been obtained from sources deemed reliable but is not guaranteed.