To help retirement plan sponsors and participants in plans it administers that might be facing economic stress due to the COVID-19 pandemic, John Hancock Retirement Plan Services has announced changes to fee policies.
It is waiving fees related to participant hardship withdrawals. It is also suspending any John Hancock fees for plan amendments made for plan sponsor actions in response to the pandemic.
The changes went into effect on April 3 and will last through December 31.John Hancock notes that the recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes and increased retirement plan loan limits to $100,000 or 100% of a participant’s vested balance, whichever is less.
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