Coronavirus (COVID-19) Important IRA Information
April 13, 2020
Together, as we are faced with a global pandemic and the unprecedented challenges it brings, we know that our mission of helping our customers and communities be more successful means more now than ever before. At Peoples Bank, we remain focused on our promise to provide you with the best possible banking experience, and that includes keeping you up-to-date with new information that may impact the way you use your accounts.
On March 27, 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides financial relief for qualified retirement plan participants who may be impacted by the Coronavirus (COVID-19) pandemic. With respect to these changes, please note the following as it applies to your IRA account:
- IRA owners are not required to take Required Minimum Distributions (RMD) for 2020.
- If you currently receive automatic distributions of your RMD, you do not have to continue the withdrawals for 2020. If you have already taken a distribution between February 1, 2020 and May 15, 2020, you have the option of returning the distribution, and must be rolled over prior to July 15, 2020 tax filing deadline.
- If you wish to suspend scheduled distributions, you must notify us before the distribution is made. Otherwise, your RMD will continue as scheduled. If you wish to discontinue a scheduled distribution or make any changes to scheduled distributions, please let us know.
- If you wish to make a rollover deposit to offset a prior withdrawal, you will need to make a deposit prior to July 15, 2020.
For general information about the CARES Act, visit www.aba.com.
We value the banking relationship we share with you and remain committed to your success, now more than ever. For questions regarding the above changes, and any other questions regarding your IRA, please feel free to contact your account administrator at (219) 853-7080.
Senior Vice President,
Wealth Management Group Leader