WDC and the CARES Act
The Coronavirus Aid, Relief and Economic Security Act contains two provisions affecting Wisconsin Deferred Compensation Program participants:
- Expanded access to WDC account funds: COVID-19-related distributions will be processed for eligible WDC participants regardless of employment status. A coronavirus-related distribution is similar to--but not the same as--an unplanned financial emergency withdrawal. Participants will self-certify their eligibility for a coronavirus distribution and must self-monitor to ensure their coronavirus-related withdrawals remain under the federal limit of $100,000 across all retirement plans. These withdrawals are taxable as income, but the tax can be spread over three years, and the participant can elect to repay it within three years.
- Optional required minimum distribution waiver for 2020: Affected WDC participants have already been notified that the RMD for 2020 has been waived and they have been informed of their options. Likewise, those who have received an RMD this year have the option to keep it or roll the RMD to an IRA or a qualified plan have already been notified.
Schedule a Meeting with a WDC Plan Advisor
When was the last time you looked at your mix of investments, savings rate, retirement financial goals, or whether you’re on track to retire on your timetable? Set up a meeting with your local WDC plan advisor to review these and any other aspect of your account and retirement financial goals. Note: Due to the COVID-19 pandemic the WDC has temporarily suspended in-person meetings -- but it’s easy to meet online or by telephone. Contact the WDC or schedule the meeting yourself using the online meeting scheduler to view and book an appointment. Call 1-877-457-9327.
New: WDC Videos and Webinars
Check out ETF’s new line up of WDC-hosted webinars and videos! Topics include: basic investment education, retirement planning with the WDC, why a woman’s road to a financially secure retirement is different and what to do about it, how to set and stick to a budget, and much more.
Find the WDC videos here.
Find the webinars and registration links here: