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.
The content on this site includes links to tools and information that are not the property of BMC Software, and BMC Software is not responsible for their accuracy, completeness or continued availability. Some of the material contained in this site is based on official plan documents. It is not, nor is it intended to be, the legal plan document or a contract between the company and any employee or contractor. Every effort has been made to ensure the accuracy of this material. In the unlikely event that there is a discrepancy between the site and the official plan documents, the official plan documents will control. BMC Software reserves the right to amend or terminate the plan(s) or program(s) at any time. If you believe the benefits do not describe those available to you, contact the Benefits Center at 877-BMC-4849.
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