The CARES Act that was signed into law includes optional, temporary provisions that provide qualifying participants affected by COVID-19 with expanded access to their retirement plan assets by allowing them to seek tax-advantaged financial relief through withdrawals and loans from their 401(k) plan accounts. The adoption of these provisions was approved by the Board.
Attached is a one-page summary of the provisions for your reference which will also be included in the COVID-19 FAQ’s in this Monday’s At a Glance.
These new provisions have been activated at Vanguard and will be available to participants on Monday and communications, which includes a letter and frequently asked questions, that will be sent to all participants next week through Vanguard multi-channel communications (electronic delivery or regular mail as elected by the participant).
Theodore Skerpon - BM IBEW Local 97
