Retirement planning

Coronavirus-related distribution provisions can now be returned and there’s a larger pool of recipients eligible for relief. Here’s what advisors need to know

The Labor Department’s short comment period is one reason to get up to speed, fast.

Those who don’t pay them back could lose up to 45% of their potential savings.

The announcement was welcomed by Wall Street lobbying groups, some of whom sued to vacate the Obama-era regulation.

Secretary of Labor Eugene Scalia said retirement plans aren’t for “furthering social goals or policy objectives that are not in the financial interest of the plan.”

The rollover period has been extended to Aug. 31, allowing some clients to breath a sigh of relief.

The program faces big challenges, including the coronavirus pandemic which could deplete the program’s $3-trillion trust fund as early as 2028.

Thanks to the CARES Act, retirees can pass on taking required minimum distributions but should they?

The deals come as millions of baby boomers enter retirement.

The average employer match was 4.3% of pay, according to a 2019 Vanguard report.