The CARES (Coronavirus Aid, Relief and Economic Security) Act was signed by President Trump to help provide financial stability and relief for individuals and businesses affected by COVID-19.
If you need to access your 401(k) funds for coronavirus-related expenses, a BMC 401(k) Plan special provision (Section 2103) for coronavirus-related relief can help you access your funds quickly. This provision waives the 10% early withdrawal penalty for distributions up to $100,000 from qualified retirement accounts for coronavirus-related purposes.
Note: Income attributable to disaster-related distributions would be subject to tax over three years. Within those three years, you may recontribute funds to an eligible retirement plan without regard to that year’s contribution cap.
A coronavirus-related distribution is a distribution made to an individual:
Cashing out a 401(k) due to COVID-19? Consider these things first, from nerdwallet.com.
Visit the COVID-19 Resource Center on NetBenefits for additional information.
Confirm your account is in good hygiene with this checklist from Fidelity.
MyBMC Rewards provides a snapshot of your pay, retirement benefits, health and insurance benefits and corporate programs. Visit MyBMC Rewards to:
Go online anytime or call 877-262-4849. Representatives are available from Monday through Friday, 8 a.m. to 9 p.m., Eastern time.
From enrollment reminders to important 401(k) information and benefits updates, you can be the first to know when your attention or action is required.
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BCBSTX ResourcesOther Resources/ServicesView recorded WebEx presentations on benefits topics.
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BCBSTX ResourcesOther Resources/ServicesView recorded WebEx presentations on benefits topics.
Find FAQs, rates, benefit provider websites and more.
BCBSTX ResourcesOther Resources/ServicesView recorded WebEx presentations on benefits topics.
Find FAQs, rates, benefit provider websites and more.
BCBSTX ResourcesOther Resources/ServicesView recorded WebEx presentations on benefits topics.
Find FAQs, rates, benefit provider websites and more.
BCBSTX ResourcesOther Resources/ServicesFind FAQs, rates, benefit provider websites and more.
BCBSTX ResourcesOther Resources/ServicesView recorded WebEx presentations on benefits topics.