Worker's News

Under the CARES Act in its current form, required minimum distribution (RMD) rules for DC plans including 401k, 403b, 457b plans and IRAs would be waived for calendar year 2020, providing relief to individuals who would otherwise be required to withdraw funds from such retirement accounts during the economic slowdown due to COVID-19. 

• The act waives the 10% penalty on early withdrawals of up to $100,000 by people affected by coronavirus.
• Investors over age 72 can also halt required minimum distributions through 2020. 
• You cannot borrow against your IRA holdings. You can, however, return unused withdrawn funds to avoid paying taxes on them.

On March 29 the CARES act was signed into law, which will expand Unemployment Insurance benefits. The latest update from Oregon Employment Department is that they are working to incorporate these new changes into their resource guides, and will issue a news release and additional online announcements about pandemic unemployment assistance and unemployment benefit extensions as they receive guidance from the U.S. Department of Labor. The CARES Act will pay an additional $600 per week for 4 months to anyone collecting unemployment. It also expands eligibility for unemployment drastically to people who are affected by COVID-19 but normally are not eligible, like contractors,the self employed, people not working due to lack of child care, etc.

The new federal Families First Coronavirus Response Act (FFCRA) creates employee leave rights in light of the coronavirus pandemic.  A summary of those rights can be found in the new posting from the Department of Labor (DOL). The DOL has also issued a helpful summary of the law for employees and FAQs.

 Details continue to be worked out in relation to how eligible Oregon state government employees will request and record leave under the FFCRA. We will provide additional information as soon as it is available.

The Professional Beauty Association (PBA) and PBA Charities have created a new fund, the COVID-19 Relief Fund, and will provide $500 to licensed beauty professionals who are unable to work due to COVID-19. 

The Oregon Department of Revenue announced an extension for Oregon tax filing and payment deadlines for personal income taxes, among other taxes. The state changes closely follow the IRS extension declaration. The department has created FAQs to explain the changes for taxpayers.

The IRS has extended the Federal tax deadline to July 15, 2020.

Oregon is providing resources for employees whose employers are not following the "Stay At Home, Save Lives" mandate. 

Lots of people are asking questions about the changes that are happening to unemployment eligibility and payouts. See the answers to the most frequently asked questions.