Dear Staff and Faculty,
I am sharing with you the attached information (English/Spanish) from The Claremont Colleges Services (TCCS) about the recent federal stimulus legislation (the CARES Act – Coronavirus Aid, Relief and Economic Security Act). The law provides for some flexibility around loans or distributions from qualified retirement plans like Pitzer’s Academic Retirement Plan (ARP). The message points below provide further details.
Generally, to be eligible for these benefits, an employee must be a person:
- Who is diagnosed with COVID-19 by a CDC-approved test;
- Whose spouse or dependent is diagnosed with COVID-19 by a CDC-approved test; or
- Who experiences adverse financial consequences as a result of:
- being quarantined, furloughed or laid off, or having work hours reduced due to COVID-19;
- being unable to work due to lack of child care due to COVID-19;
- closing or reducing hours of a business owned or operated by the individual due to COVID-19; or
- other factors determined by the Secretary of the Treasury.
If you need additional information please contact TIAA at www.tiaa.org or 888-842-7782.
Thank you and stay safe!
Assistant Vice President
Human Resources and Payroll Services