What are the new CARES Act retirement plan loan rules?

Posted by Bonita Hatchett-Bodle

Apr 9, 2020 4:58:29 PM

The CARES Act increased the amount that participants are able to borrow from their individual account under defined contribution plans, like 401(k) plans. Historically, the rules limited loans to the lesser of $50,000 and 50% of the participant’s vested account balance.

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Topics: Coronavirus, retirement plan loans