The Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020 was signed into law on March 27, 2020. One of the provisions of the Act waives IRS rules for required minimum distributions (also known as RMDs) in 2020.
RMDs normally apply if you are retired (or separated from DRS-covered employment) and you have reached certain age thresholds. As a result of the CARES Act, RMDs will be waived for Plan 3, Deferred Compensation Program (DCP) and Judicial Retirement Account (JRA) customers in 2020. Please note that this waiver does not apply to Plans 1 and 2.
Voya Financial (the DRS record keeper for Plan 3, DCP and JRA) will not process any 2020 RMDs unless a distribution is specifically requested or you have an installment on your account to automatically withdraw your RMD amount each year.
Below is a list of options related to RMDs in 2020. If you would like to request a change or other transaction, please contact Voya directly at 888-327-5596.
Voya will send detailed information to Plan 3, DCP and JRA customers who are receiving RMD installment payments or are otherwise subject to RMDs. If you have questions or need assistance, please contact Voya directly.
You are encouraged to consult with a tax or financial advisor to discuss your personal tax situation and rollover options for any payment already received. Please note that the CARES Act only waives RMDs for 2020. RMD payment requirements will resume in 2021.