Financial Relief and Flexibility for TSA 403(b) Participants
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes provisions related to retirement accounts that offer both financial relief and flexibility to plan participants. The UW Tax-Sheltered Annuity (TSA) 403(b) has adopted these provisions. The CARES Act allows for distributions from the plan before December 31, 2020, with no early withdrawal penalties or mandatory withholding for a plan participant who has a COVID-19 event. The CARES Act also includes specific relief for participant loans from retirement accounts, including a temporary increase in the maximum amount participants can borrow and an extension on loan payment dates. Participants must have a COVID-19 event to be eligible. Additional provisions and requirements apply. Please note that the Wisconsin Retirement System (WRS) does not allow hardship distributions or loans. Contact your TSA provider for more information.