Retirees Get Relief in Senate Coronavirus Stimulus Package

Thursday, March 26, 2020

News & Press

The Senate’s $2 trillion coronavirus-relief bill that passed Wednesday night includes breaks for Americans whose retirement accounts have been battered by the stock-market meltdown.

The House of Representatives is expected to pass the package on Friday. Treasury Secretary Steven Mnuchin said President Trump would sign the package as it was written Wednesday.

Provisions in the Senate legislation raise the limits on 401(k) loans and loosen the rules on hardship distributions from retirement accounts. People affected by the coronavirus crisis would get access to up to $100,000 of their retirement savings without the 10% penalty that normally applies to money taken out before age 59½.