The CARES Act and loans
For new loans, the current retirement plan loan limits
are doubled to the lesser of $100,000 or 100% of your vested account balance.
For new and existing loans, payments due in 2020 can be
deferred for one year.
This provision only applies to plans who currently
allow loans and have adopted this provision of the CARES Act. Check with us to
see if your plan allows them.
If you're thinking about taking money from your
retirement plan, we have a detailed FAQ for you explaining what you should