04/16/2020
If you’ve been impacted by COVID-19, relief may be available.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. For a limited period of time, it allows people affected by the COVID-19 virus to access money in their retirement plan accounts through special withdrawal and loan repayment provisions.
CARES Act relief may be available if:
• You, your spouse, or another dependent has been diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention, or
• You have suffered financial consequences as a result of COVID-19 (such as quarantine, job loss, furlough, reduction in hours, inability to work due to lack of child care, or loss of your business).
Even in these unprecedented times, tapping into your retirement savings early is a big decision and should only be considered as a last resort to help you bridge the gap. If your current financial situation warrants you accessing the money in your retirement plan account, learn more about the provisions that may be available to you by logging in to your account at https://workplace.schwab.com or visithttps://hilitefiles.com/CARES_Flyer_CRDSLPRMD.PDF for more information.
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