Please review the following HR updates regarding retirement savings and Dependent Care Flex Spend.
Workers and retirement savings
CARES Act legislation allows individuals to borrow against or withdraw funds from their workplace retirement savings plans — such as the Concordia Retirement Savings Plan 403(b). Eligible participants faced with a COVID-19 related financial hardship are able to take an early withdrawal from their retirement savings accounts without the normal 10% early withdrawal tax penalty.
This may seem like a quick fix for some workers. But before making any decisions to tap into 403(b) savings, it is important for workers to understand the consequences of a distribution and consider alternatives. To help workers make an informed decision, we want to highlight some things they should consider before making a withdrawal. As you are able, please share this webinar and flyer with your workers on this topic, which may impact their long-term financial futures.
Dependent Care Flex Spend & COVID-19
Have your childcare needs changed as a result of COVID-19? The pandemic qualifies as a change of circumstances that warrant adjustments to your Dependent Care Flex Spend Account if you need them. Please contact Sarah Gartman if you have questions or would like to make changes to your annually amount withheld this year! Forms are available here and can be returned to HR.
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