Section 2203 of the CARES Act passed on Friday, suspends the required minimum distribution (RMD) on retirement accounts, including IRAs. Can someone explain how this is beneficial during a pandemic? Since it's effective immediately, I wanted to communicate to my retail staff, but I'm not an IRA guru and don't understand the why.

Thanks!

I'm certainly not a guru on the subject either, but my understanding is the possible benefit is that instead of depleting the balance during this recession (or near-recession, whatever the correct terminology currently is), money could continue to be invested with the hopes of a brighter year next year and beyond. IOW, a lot of IRA money is tied up in the stock market, and withdrawing now isn't a great thing. Hope that made sense.

I'm certainly not a guru on the subject either, but my understanding is the possible benefit is that instead of depleting the balance during this recession (or near-recession, whatever the correct terminology currently is), money could continue to be invested with the hopes of a brighter year next year and beyond. IOW, a lot of IRA money is tied up in the stock market, and withdrawing now isn't a great thing. Hope that made sense.

I am unable to find the final law. Can you provide a link, please?

Never mind - I found it!

Where can we find this information? Thanks!

SEC. 2203. TEMPORARY WAIVER OF REQUIRED MINIMUM DISTRIBUTION RULES FOR CERTAIN RETIREMENT PLANS AND ACCOUNTS.

https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf

I've looked everywhere and can't seem to find anything to discusses whether a signed form is required of the customer who is wanting to elect to waive their RMD due to CARES Act. It seems as though this would be a wise thing to do but is it required?