The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, has provided economic relief and relaxed some rules for retirement accounts. Please review the attached article for further detailed information around the CARES Act and what it includes.  PLEASE DO NOT SHARE THIS ARTICLE WITH YOUR CUSTOMERS.

Some of the major changes are as follows: • Required Minimum Distributions (RMDs) for 2020 are waived for traditional IRAs, including SEP IRAs. If a member’s first RMD was required to be taken by April 1, 2020 for 2019 and he has not yet taken that 2019 RMD, the 2019 and 2020 distributions are both waived. But the 2019 RMD was already taken last year, the distribution cannot be reversed. 
• One exception:  If a member took an RMD within the last 60 days, that distribution may be rolled over to another eligible retirement plan or to an IRA within 60 days of the distribution.   You only have one 60-day rollover per 12-month period. 
Last year, we launched an initiative to have IRA owners set up an automatic RMD distribution. We can cancel their 2020 RMD distribution by written request only. Automatic RMD distributions will resume in 2021. The request can be submitted in writing to Annuity Services via email (annuity.services@kofc.org). The request should be submitted at least three days prior to the automatic distribution date of the 2020 RMD withdrawal. We will not be communicating with each individual client regarding their RMD distribution.
 We are in the process of preparing a list of all your members who are on automatic RMD distribution through the end of this year. This list will be distributed to each General Agent over the next few weeks. Please be sure you recommend your members discuss their RMD decisions with their accountants (and offer to be on the call with them as well), since these decisions may have tax consequences for them in the future.  Should you have any questions, please contact the Annuity Services Department.  

Thanks for all your continued support and hard work through these difficult times. We are here to help you.