I’ve heard a lot about the CARES Act. What is it and has my retirement plan adopted it?
The CARES (Coronavirus Aid, Relief, and Economic Security) Act helps you if you need to borrow from your retirement plan account. John Hancock is coordinating with your plan sponsor to ensure any provisions under the CARES Act adopted by your company’s plan are available to you. Your plan sponsor or plan administrator can help you understand what provisions apply to your savings plan. For more information about the CARES Act and what is means to you please visit our website or read our CARES Act flyer for participants.
I’ve been laid off and I need money to pay rent and bills. Can I take a cash withdrawal from my retirement account?
The CARES Act may give you some relief if your plan allows COVID-19 withdrawals. Also, your retirement plan may already offer withdrawal or loan options that could be available to you. For more information about leaning on long-term savings in times of financial uncertainty visit: https://retirement.johnhancock.com/us/en/working-through-a-time-of-change or read our CARES Act options flyer.