In response to the COVID-19 pandemic, Congress passed the CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES Act) on March 27, 2020. The bill provides financial aid for individuals and companies. The CARES Act also has provisions allowing access to certain retirement savings as well as the suspension of age restrictions and required minimum distributions (RMD).
Under provisions of the CARES Act, the Department of Administration, Division of Retirement and Benefits (Division), in coordination with Empower Retirement, will launch a coronavirus-related distribution program for members of the Alaska Supplemental Annuity Plan (SBS-AP) and the Alaska Deferred Compensation Plan (DCP), effective June 3, 2020. A coronavirus-related withdrawal must be processed before December 31, 2020.
Qualified members of the SBS-AP and DCP plans may request an in-service distribution of 25% of their account or $25,000 maximum, whichever is less, between both plans. Qualified members who have terminated employment may request up to an amount not to exceed $100,000 from their SBS-AP and/or DCP accounts.
For more information on coronavirus-related distribution, contact the Division of Retirement and Benefits toll-free at (800) 821-2251 or in Juneau at (907) 465-4460, visit the Division website at Alaska.gov/drb, or visit our CARES Act webpage at Alaska.gov/drb/headlines/2020/03/coronavirus/CARES-Act
