NARFE: Stimulus Deal Includes Important Relief for Seniors
FOR IMMEDIATE RELEASE
Alexandria, Va. – In response to the major economic stimulus and health care funding deal reached today pertaining to COVID-19, NARFE National President Ken Thomas issued the following statement:
“Lawmakers heeded NARFE’s call to provide protection to seniors facing requirements to withdraw a far greater percentage of their retirement accounts than expected, which would have forced many to sell assets at stock values depressed by the current crisis. The common-sense suspension of required minimum distributions from retirement accounts in 2020 will help seniors retain a greater portion of their retirement savings, which have no doubt taken a hit amid the stock market downturn.
“NARFE is also pleased that the bill’s cash payments to individuals will be provided to retirees, as well as those working or unemployed. Not only are seniors dealing with the frightening threat of COVID-19 infection, they must also manage the economic repercussions from retirement investment losses.
“Finally, NARFE is encouraged by increased funding for the Office of Personnel Management to allow for electronic retirement applications, now essential during a time of increased telework. While this is long overdue, it is our hope that this additional funding will be the jumping off point to fully digitize retirement processing. New retirees deserve to have their federal careers honored by the timely processing of their retirement applications.”
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As the only organization solely dedicated to the general welfare of all federal workers and retirees, NARFE delivers valuable guidance, timely resources and powerful advocacy. For nearly a century, NARFE has been a trusted source of knowledge for the federal community, Capitol Hill, the executive branch and the media.
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