Required Minimum Distribution Rules for 2020:
To begin this edition of The Bullet Points, we wanted to remind you of the new rules regarding your Required Minimum Distribution for 2020. The CARES Act has stated that defined contribution plans, such as 401(k)s, 403(b)s, 457(b) plans, and IRAs, may suspend RMDs in 2020. This allows you the ability to skip your RMD in 2020 if that is what you wish. To be clear, you are still able to take a distribution from your retirement account if you would like to, it is just not required.
What Happens If You Have Already Taken Your Required Minimum Distribution?:
If you have already taken your RMD in 2020, but would like to return the amount into your retirement account, you have a couple of options to do so. If you received your RMD in the last 60 days, we can simply return the funds into the account. In addition, due to Notice 2020-23, if you took your RMD between February 1st and May 15th, you may still recontribute the funds by July 15th. If you have any other questions regarding your 2020 Required Minimum Distribution or the CARES Act, we would be happy to answer them.
Uber is Attempting to Acquire Grubhub:
According to a report from Bloomberg, Uber has made an offer to buy Grubhub in what would be an all-stock takeover. Currently, Grubhub is valued at $4.5 billion. Currently, DoorDash has captured 35% of the meal delivery market, while DoorDash (30%) and Uber Eats (20%) sit second and third, according to consumer analytics firm Second Measure. The acquisition would vault Uber into first place and help generate lost revenue from its ride-sharing business.
X Æ A-12, Texas, and Defying Bay Area Health Restrictions:
It has been two eventful weeks for Tesla CEO, Elon Musk. After announcing his newborn son was named X Æ A-12 last week, Tesla sued Alameda County on Saturday for restricting the automaker from restarting manufacturing operations at its plant in Fremont, California. Musk then threatened to move Tesla's headquarters to Texas or Nevada. Musk then followed the statement by announcing the Fremont factory would be restarting production, defying Alameda County's restrictions. Musk said he would be on the line next to his workers. He also asked, "If anyone is arrested, I ask that it only be me."
California State University System to Cancel In-Person Classes This Fall:
Chancellor Timothy White announced the university system, which claims to be the biggest four-year university system in the nation, plans on canceling nearly all in-person classes through the fall semester to reduce the spread of the coronavirus, according to CNN. The potential exceptions at CSU are nursing students who need clinical training and students who need to continue research in labs. The announcement comes on the heels of Dr. Anthony Fauci, a member of the White House's coronavirus task force, telling Congress that it is a "bridge too far" for schools to expect a vaccine or widely available treatment for COVID-19 by fall reopening time.
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