The recently enacted CARES Act offers key provisions to support retirement plan sponsors and participants. Many of the retirement plan providers we work with are delivering new assistance now available and implementing actions to provide additional monetary relief. All of these new initiative are designed to increase productivity by streamlining the retirement planning process and to reduce costs.
- No charge for processing CARES Act distributions
- Plan amendment fee waiver for sponsors electing to offer CARES Act provisions
- Hardship distribution fees permanently waived
ERISA 3(16) Fiduciary Support
- Taking a 3(16) fiduciary role for all participant distributions and loans under the CARES Act for full service plans
- Financial wellness resources may be free for plan sponsors to add for the remainder of 2020. Services may include access to financial and grief counselors and self-service tools to help prepare legal documents such as a will, power of attorney or health care directive.
Please reach out to us and our team can review your existing plan to look for any inefficiencies, find additional ways to support you and your staff or to identify any new potential cost savings.