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The CARES Act and Retirement Security

Free course now available!

Course Type: Short Online Course
Topics: Financial Services & Financial Planning, Retirement & Annuities



Overview

The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily loosens restrictions on certain tax-qualified retirement plans and individual retirement arrangements (IRAS) for eligible individuals in 2020.

How does the CARES Act apply to retirement savings arrangements? What are the potential effects of the Act on retirement security? Taking this 15-minute course will help you understand your customers’ challenges in balancing immediate financial needs with longer-term retirement security.


Topics

  • What are tax qualified retirement accounts and retirement plans?
  • How will the CARES Act make it easier for COVID-19 qualified individuals to access retirement funds before retirement?
  • Plan loans
  • Account or plan early distributions
  • What are the pros and cons of accessing retirement funds early?
  • How will the CARES Act help retirees?

Objectives

  • Define individual retirement arrangement (IRA), 401(k) plan, 403(b) plan, and defined benefit (DB) pension plan, and identify basic requirements for these tax-qualified savings arrangements.
  • Describe how retirement savings can grow over time in tax-qualified arrangements and ways in which the federal government discourages people from withdrawing funds before retirement.
  • Describe the typical characteristics of distributions and plan loans and identify how provisions in the CARES Act may apply to distributions and plan loans.
  • Explain how provisions in the CARES Act may affect retirement security.

Format

Short Online Courses and Course Collections

LOMA offers a number of online courses that can be completed in an hour, as well as collections on life insurance, annuities, customer service, and sales support. These collections contain four to six short online courses on related topics. They provide an excellent way to get new employees up to speed quickly, educate employees new to an area, and refresh the knowledge of seasoned employees.