The Groom Law Group and Cammack Retirement Group provide useful information regarding distributions from your 403b as the result of Corona Virus. Their partners answer an important question if distributions can be taken during this special time. Please read their response:
“Stacey Bradford, Kimberly Boberg, David Levine and David Powell, with Groom Law Group, and Michael A. Webb, vice president, Retirement Plan Services, Cammack Retirement Group, answer:
COVID-19-related distributions will indeed be permitted for 403(b) and governmental 457(b) plans under the CARES Act legislation signed by President Donald Trump on March 27. The legislation allows retirement plans to permit distributions of up to $100,000 per individual per year (note, this is a total limit per individual, and NOT a per-plan limit) who can certify that they meet one of the following conditions:
Diagnosed with COVID-19
Spouse or dependent diagnosed with COVID-19
Experience adverse financial consequences as a result of being quarantined, furloughed, laid-off, reduced work hours, inability to work due to lack of child care because of COVID-19, the closing or reducing hours of a business owned or operated by the individual due to COVID-19, or other factors, as determined by the Treasury Secretary (which, as the Experts understand, will be quite flexible). “
457b plans may have a different distribution process and they explain the differences.
You can read the full article by clicking https://www.plansponsor.com/coronavirus-related-distributions-403b-governmental-457b-plans/