Senate Passes Legislation to Suspend Required Minimum Distributions

Senate Passes Legislation to Suspend Required Minimum Distributions

On the heels of Bob Klein’s March 16th blog post, “Will Congress Suspend 2020 Required Minimum Distributions?,” the Senate passed the massive “Coronavirus Aid, Relief, and Economic Security Act,” or the “CARES Act,” which is expected to be passed by the House and signed by the President on Friday.

The legislation includes a waiver of required minimum distributions (RMDs) for 2020. This waiver applies to company savings plans and IRAs, including both traditional and Roth inherited IRAs.

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