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SECURE Act Leaves Questions About Distributions for Birth, Adoption
Mercer Link to more items from this source
[Guidance Overview]
Sept. 29, 2020

"QBOADs are limited to $5,000 per individual for each birth or adoption.... Is the $5,000 limit indexed? It doesn't seem to be.... Although the statute isn't clear, Notice 2020-68 confirms that the $5,000 limit applies per child.... The statute doesn't appear to require any justification for the distribution beyond the birth or adoption.... Must plans accept repayment? ... Does an employee face any deadline for repayment? ... What if the employee terminates employment after taking the QBOAD? ... Can the repayment include interest?"

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