Other State Benefits

Distributions From 457 Contribution Plans Allowed Through December 31

July 2020 

Participants impacted by the pandemic may be able to take a distribution from their 457 employee contribution plan of up to $100,000 through December 31, 2020. A participant is eligible if due to the pandemic if:

  • The participant, spouse, or dependent is confirmed with SARS-CoV-2 or COVID-19.
  • The participant, spouse, or member of the household experiences financial adversity due to:
    • Being quarantined, furloughed, laid off, or working reduced hours.
    • Unable to work due to a lack of child care.
    • Closing or a reduction of hours of a business the person owns or operates.
    • Having pay or self-employment income reduced.
    • Having a job offer rescinded or a start date for a job delayed. 

To request a distribution, contact your investment provider for the CARES Act form. Submit your completed form to Retirement Investors’ Club (RIC) by December 31, 2020, by fax (515-281-5102) or email. More information may be found on the IRS website.