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
You Might Also Like:

Pandemic Puts More Households at Risk in Retirement
The Center for Retirement Research says half of American households are at risk of not being able to live at...

Partial Plan Termination Relief Provided in New Stimulus Bill
The legislation also includes rules for qualified disaster relief payments and extends some provisions of the CARES Act.

COVID-19 Having Major Impact on Pensions
Many terminated or furloughed employees have taken early retirement, curtailing contributions and raising payout obligations.