Day: March 28, 2020

Struggling Americans Can Tap 401Ks With Coronavirus Bill

(Bloomberg) —

Lawmakers in Washington are making it easier for Americans struggling with the fallout from the coronavirus to draw on the trillions of dollars in their 401(k)s and other retirement accounts.

For a limited time, Americans will be able to withdraw money from tax-deferred accounts without penalties under a stimulus package signed into law Friday by President Trump. Rules on 401(k) loans will be relaxed, and some retirees can avoid so-called required minimum distribution, or RMD, rules that might have been onerous.

Read more: House faces urgency to act on Senate’s $2 trillion virus rescue bill

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Covid-19 packages will take care of both people, corporates: Rajiv Kumar, vice-chairman, Niti Aayog

Rajiv Kumar, vice-chairman, Niti Aayog

India has unveiled both fiscal and monetary policy stimulus measures to minimise the negative impact of the coronavirus on economic activities and address the needs of the poor, NITI Aayog vice-chairman Rajiv Kumar told FE’s Prasanta Sahu in an interview. He said the Thursday’s economic package was rightly targeted at the most vulnerable segments of the society. Edited excerpts.

What is your view on the relief package announced by the finance minister on Thursday?

The package announced by the finance minister is rightly targeted, ensuring that the most vulnerable segments of the society do not