Digging into Disaster Distributions
Disaster relief included in the government funding bill.
The SECURE Act was not the only retirement legislation enacted with the government funding bill on December 20, 2019. The bill also included a new retirement-related provision authorizing additional disaster distributions from retirement plans.
Key Points:
- The government funding bill provides for disaster relief for federally declared disasters equivalent to that provided for California wildfires. There are very narrow time ranges when the disaster must begin and be declared.
- Plans seeking to take advantage of these new provisions must amend by close of the plan year beginning on or after January 1, 2020 (or later as the IRS specifies). Governmental plans have an additional two years.
Contact your T. Rowe Price representative to find out how we can take your plan to the next level.