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Important information about the Cable Dahmer 401(k) and CARES Act
Due to the COVID-19 crisis, non-terminated employees with a vested 401(k) balance have the option to make a taxable withdrawal of your 401(k) up to legal limits until December 31, 2020. The legal limit is up to $100,000 or 100% of your vested account balance.
Cable Dahmer and our 401(k) advisor, Mariner Wealth Advisors, hope employees DO NOT take such a drastic step to solve today’s financial needs. However, we recognize that these are not normal times. Please keep in mind that any 401(k) withdrawals are subject to Federal and state taxes and, if withdrawn, will become a different financial burden for you later, because taxes will be due on the withdrawal.
YOUR 401(K) PLAN OR OTHER RETIREMENT ACCOUNTS SHOULD BE THE LAST RESORT YOU TAP INTO. One of the basics of financial investing is to “sell high.” By taking a withdrawal now, you will be “selling low” and locking in losses.
Who is eligible for these withdrawals?
To be eligible to make a COVID-19 related withdrawal, you or your spouse or dependent, must have been diagnosed with COVID-19, or you have suffered adverse financial consequences due to COVID-19 (e.g., furlough, reduction in hours, unable to work due to childcare, loss of business, etc.).
Can you opt to repay a COVID-19 distribution back into your 401(k) retirement plan?
Yes, you have three years from the day after the distribution was received to repay the amount into your 401(k) or IRA. The distribution will be taxable if it’s not repaid, but it can be repaid over a three-year period, unless otherwise elected.
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IMPORTANT INFORMATION ABOUT TAKING A WITHDRAWAL
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NON-TERMINATED EMPLOYEES: PROCESS FOR REQUESTING A COVID-19 WITHDRAWAL/DISTRIBUTION:
• Self-certification is a requirement and you agree you qualify and are eligible per CARES Act
• All withdrawals are processed directly through Mass Mutual. No paperwork is required
• Call Mass Mutual at 888-643-7343 and request CARES Act COVID-19 related withdrawal
• Remember, a significant tax liability will come from a withdrawal
TERMINATED EMPLOYEES WANTING TO WITHDRAWAL VESTED 401(k) BALANCE:
• Call Mass Mutual at 888-643-7343 and request a termination distribution
• Or, log into Mass Mutual at www.retiresmart.com and navigate to distributions and request online
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REMINDER ABOUT MARKET VOLATILITY AND LONG-TERM INVESTING
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CABLE DAHMER 401(k) plan contacts can answer questions but cannot fulfill requests
Elaine Bryant, Human Resources
Cable Dahmer Automotive Group
Mark Nothnagel, 401(k) Advisor
Mariner Wealth Advisors