The Coronavirus Aid, Relief and Economic Security (CARES) Act is an estimated $2 trillion federal relief package designed to combat the harmful economic effects of the COVID-19 pandemic. The law looks to provide cash infusions to individuals, businesses, health care organizations and state/local governments through payments, loans and tax credits.
The act also allows retirement plans, like the Dauphin County, PA Deferred Compensation Plan, to have more liberal distribution and loan provisions for participants affected by the COVID-19 pandemic. Retirement plans do not have to adopt these provisions; however, the Dauphin County Commissioners voted to add these provisions the Dauphin County, PA Deferred Compensation Plan to help employees who may be impacted by the pandemic. The plan document will be amended with these new provisions, but they will go into affect now so that relief can be provided when needed. For more information select the button below.