Products April 9, 2020
MassMutual Offers CARES Act Provisions to Retirement Plan Clients
Plan sponsors can ‘opt-in’ to offer the provisions to participants.
Reported by PLANSPONSOR Staff
MassMutual is offering several new provisions enabled by the Coronavirus Aid, Relief and Economic Security (CARES) Act for its 32,000 retirement plan sponsors to offer employees enrolled in a MassMutual retirement plan. Plan sponsors can ‘opt-in’ to offer:
- A suspension of required minimum distributions for 2020
- A temporary increase of up to $100,000 for loans and an extension of up to one year for loan repayment
- A penalty-free COVID-19-related distribution capped at $100,000 with no mandatory tax withholding requirements and the ability to repay distributions
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