Defined Contribution Plans
CARES Act and Impact on HMH Retirement Plan
We want to make you aware of options available to you as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act that was signed into law on March 27. It provides options for you to consider as you navigate financial decisions in the coming months.
HMH has chosen to adopt the following CARES Act provisions for our retirement plan:
- Penalties and withholding are waived for qualified distributions from retirement plan accounts
- Retirement plan loan limits have been increased
- Optional suspension of required minimum distributions (RMDs) for 2020
In addition to these CARES Act relief measures, the deadline for 2019 Individual Retirement Account (IRA) contributions has been extended from April 15 to July 15, 2020. CLICK HERE for more details. As always, we recommend reaching out to your TIAA financial consultant to review your current situation–along with short-and long-term financial goals–before making any decisions. You can reach TIAA at 866-999-3844 or log into your account at TIAA.ORG/HMH. You can also learn more about this by reading THESE FAQS.
Consolidate and Save!
Having funds located with different plan providers can make it difficult to manage your money, and could mean you are paying higher fees than necessary. Consider bringing your retirement accounts together into your Hackensack Meridian Health retirement plan at TIAA. With all of your retirement savings in one place, you’ll have better control over your money and it will be easier to monitor your progress.
Schedule an advisory session with a TIAA representative at TIAA.ORG/SCHEDULENOW or 1-800-732-8353 to learn more!