The CARES Act made temporary waivers to RMDs for all types of defined contribution plans (including 401(a), 401(k), 403(b), and governmental 457(b) plans) and IRAs for the calendar year 2020. Beginning January 1, 2021, RMD requirements will resume. However, RMDs are waived for individuals who postponed their initial RMD to April 1, 2021.

The CARES Act allows you to repay a portion, or all, of your qualifying CRDs for individuals who took distribution amounts up to $100,000 from any eligible retirement plans. Repaying CRDs, even just a portion, can make a big difference in your retirement savings when it comes time to retire.

• CRD repayments are available within three years of when you received the distribution.
• You may repay the amount up to the gross amount of your total distributions. You may send in multiple repayments up to the gross amount over the three-year period.
• We're unable to accept Roth money back into your account at Savings Plus. You may be able to repay this amount to a Roth IRA. Repayments are treated as a rollover contribution to the Plan and aren't subject to the annual contribution limit.
• Complete the Coronavirus - Related Distribution (CRD) Repayment Incoming Assets Form and submit along with a money order, cashier’s check, or personal check.

Qualifying Coronavirus-Related Distribution is defined in the CARES Act:

1. I was diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (referred to collectively as COVID-19) by a test approved by the Centers for Disease Control and Prevention (including a test authorized under the Federal Food, Drug, and Cosmetic Act); or
2. My spouse or my dependent was diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention (including a test authorized under the Federal Food, Drug, and Cosmetic Act); or
3. I have experienced adverse financial consequences because:

• I, my spouse, or a member of my household* was quarantined, furloughed or laid off, or had work hours reduced due to COVID-19; or
• I, my spouse, or a member of my household* was unable to work due to lack of child care due to COVID-19; or
• A business owned or operated by me, my spouse, or a member of my household* closed or reduced hours due to COVID-19; or
• I, my spouse, or a member of my household* had a reduction in pay (or self-employment income) due to COVID-19, or had a job offer rescinded or start date for a job delayed due to COVID-19.

*A member of the individual's household is someone who shares the individual's principal residence.