401K Resources

Coronavirus Aid, Relief, and Economic Security (CARES) Act

If you are directly affected by the pandemic, there are new temporary resources available from your vested account balance in The Finish Line 401(k) Savings Plan that may help alleviate some of your financial stress.

Coronavirus-Related Distributions

Coronavirus-related distributions may now be made from your Newport account with The Finish Line 401(k) Savings Plan.

A Coronavirus-related distribution is defined as any distribution made between January 1, 2020 and December 31, 2020, by:

• An individual who is, or whose spouse or dependents are, diagnosed with the coronavirus or with coronavirus disease (COVID-19) by a test approved by the Centers for Disease Control and Prevention, or
• An individual who is financially harmed by the coronavirus or coronavirus disease as a result of:
  • being laid off, furloughed, receiving reduced work hours, or quarantined
  • being unable to work because of a lack of child care
  • having to close or reduce the operating hours of a business owned or operated by the individual
  • other reasons as determined by the Secretary of the Treasury

If you meet the above requirements, you can make multiple withdrawals totaling a maximum of $100,000 from your vested balance in 2020. If you are under the age of 59½, the 10% penalty will not apply.

You will still owe tax on the money you withdraw, but the federal tax impact is spread over the next three years (unless you elect otherwise). You will have the option to repay the funds to your account over the next three years, beginning the day after the distribution, without impacting your annual contribution limit. These distributions are not eligible for a rollover.

Please consult your tax professional with any tax related questions regarding this or any distributions.