Less than two months since Congress passed the CARES Act in response to the coronavirus pandemic, another massive economic relief bill made its way through the House. However, it still has an uncertain future in the Senate.
The HEROES (Health and Economic Recovery Omnibus Emergency Solutions) Act is a $3 trillion bill that is designed to provide assistance to state and local governments, frontline healthcare workers, student debtors, Medicare and Medicaid, farmers, renters, homeowners and essential workers.
One section of the HEROES Act addresses retirement distributions and follows in the footsteps of the CARES Act, which made significant temporary changes to retirement plan distributions.