COVID-19 has resulted in urgent financial needs for many households. Fortunately, there are ways King County employees can receive financial help. Read on for more information.
New access to Deferred Compensation Plan accounts
If you are a member of the King County Deferred Compensation Plan through T. Rowe Price, you may be eligible to access your retirement account funds under new provisions provided by the Coronavirus Response and the Affordable Care Act (CARE Act). Through these provisions, King County has implemented a new penalty-free distribution option to help meet financial needs related to the coronavirus.
Individuals impacted by the coronavirus may request a penalty-free distribution of up to $100,000 in 2020. Impacted individuals include:
• Anyone diagnosed with COVID-19
• Anyone whose spouse or dependents have been diagnosed
• Those experiencing “adverse financial consequences” from quarantine, furlough, layoffs, reduced work hours, inability to work due to lack of child care, or the closing or reduced hours of a business owned or operated by the individual due to the coronavirus.
In addition, the Deferred Compensation Plan always allows for emergency or hardship withdrawals under specific circumstances defined by the IRS.
You will receive guidance from T. Rowe Price on coronavirus-related relief. For more information, please visit the T. Rowe Price website or call them at 888-457-5770.
My Secure Advantage
Balanced You partners with My Secure Advantage to provide free financial wellness resources to all King County employees. Resources include webinars with the latest fiscal information on coronavirus, budgeting spreadsheets and calculators, and personalized Money Coaches.
Money Coaches are trained professionals who work with you over the phone to help you meet your financial goals and prepare for financial uncertainty. Together, you can talk about ways to get through this financial crisis with as minimal impact as possible to your bottom line. All King County employees can receive 90 days of free money coaching per year.
Talk with a Money Coach about how to:
• Thrive with a reduced income
• Understand the latest assistance programs
• Get tips to ask for help from your creditors
• Create a plan that accounts for adjusted income
• Know what you can do during tough times.
Visit the My Secure Advantage website for more information on Money Coaches and MSA’s other educational resources. Visit this blog post for MSA’s tips on navigating the COVID-19 financial crisis.
Questions? Contact balancedyou@kingcounty.gov.
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