Terry Briggs quoted in Forbes’ “Laid Off And Need Cash? Want A Boat? A Couple Can Take $400,000 From Their Retirement Accounts Penalty-Free Under COVID-19 Tax Relief”

Millions of American have filed for unemployment relief in the past few weeks and it is thought that many more will begin to turn to their retirement funds for additional money. The CARES Act now allows people to take out more money than before by increasing loan limits and waiving early withdrawal penalty for distributions.  Terry Briggs spoke with Forbes about these new changes.

The 401(k) rule changes are permissive—employers don’t have to implement them—but Fidelity says that for the workplace plans it administers, it expects the vast majority of them to adopt the new rules.“You just assert this and employers are permitted to accept what you say without investigating,” says Briggs.

Continue reading “Laid Off And Need Cash? Want A Boat? A Couple Can Take $400,000 From Their Retirement Accounts Penalty-Free Under COVID-19 Tax Relief” on the Forbes website.

Categorized: COVID-19 Resources, Financial, Taxes

Tagged In: , , , , ,

About the Authors

Stay Connected

Partner

Terrence J. Briggs

Terry Briggs concentrates his practice on executive and equity compensation, ERISA and other highly technical employee benefits issues on behalf of for-profit and non-profit entities in Massachusetts and throughout the U.S. Terry helps with executive compensation, ERISA compliance and employee benefits planning across a wide spectrum of industry sectors, including manufacturers, hospitality institutions, health care providers, colleges and universities, museums, independent schools, craft brewers and social services agencies.

Stay Connected

More Posts by Author ›

About the Authors

Stay Connected

Partner

Terrence J. Briggs

Terry Briggs concentrates his practice on executive and equity compensation, ERISA and other highly technical employee benefits issues on behalf of for-profit and non-profit entities in Massachusetts and throughout the U.S. Terry helps with executive compensation, ERISA compliance and employee benefits planning across a wide spectrum of industry sectors, including manufacturers, hospitality institutions, health care providers, colleges and universities, museums, independent schools, craft brewers and social services agencies.

Stay Connected

More Posts by Author ›

Stay Connected

Subscribe to Blog

Enter your email address to subscribe to this blog and receive notifications of new posts by email.