Required Minimum Distributions Suspended for Qualified Retirement Plans
The Coronavirus Aid, Relief, and Economic Stability (CARES) act has waived the required minimum distributions (RMDs) for qualified retirement plans including 401(k) plans, 403(a), 403(b), government sponsored sections 457(b), and IRAs for the rest of the 2020 year.
This suspension applies to all individuals who were already taking required minimum distributions prior to 2020. The required minimum distribution suspension for qualified retirement plans applies to everyone, regardless of the level of impact they experienced from coronavirus.
The federal SECURE Act, signed on December 20, 2019, prior to coronavirus legislation, had raised the age for RMDs for those who turned age 70 on July 1, 2019 or later. The new RMD age for those individuals is now age 72.