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April 21st, 2020 Information & Insights for the 403(b) Community DC Plan Sponsors Reacting With Moderation to Coronavirus Relatively few are taking action to suspend or decrease contributions, and they are prudently relying on providers for guidance, a PLANSPONSOR pulse survey finds. The Rug Has Been Pulled From Under Americans’ Retirement Security The coronavirus pandemic has revealed the fragility of retirement security in our current landscape and sparked conversation about design and policy needs. Ask the Experts A Common Error in Administering Match Eligibility Requirements “We are an Employee Retirement Income Security Act (ERISA) 403(b) plan sponsor that requires employees to complete a year of 1,000 hours service to receive the plan’s employer matching contribution. Can we allow employees to receive the match once they have completed 1,000 hours of service, or must they wait the full 12 months?” The CARES Act Loan Expansion: A Potential Powder Keg in a Pandemic Alison Borland, with Alight Solutions, discusses why the firm determined the CARES Act provision allowing larger loans is sub-optimal when compared to the more flexible distribution option. Voluntary Benefits Provide Much-Needed Help During COVID-19 Crisis Plan sponsors should consider an off-cycle voluntary benefits enrollment and prepare for a workforce that will pay more attention to voluntary benefits in the future. Get to Know Our 2020 Plan Sponsor of the Year Finalists: Public DC We are pleased to present profiles of our plan sponsor of the year finalists in the Public Defined Contribution (DC) <$500MM category. Profiles can be seen by clicking on the name of the finalist. Get to Know Our 2020 Plan Sponsor of the Year Finalists: Nonprofit DC <$500MM We are pleased to present profiles of our plan sponsor of the year finalists in the Nonprofit DC <$500MM category. Providers Waiving Fees and Expanding Services During Pandemic Retirement plan and financial wellness providers are offering help to employees and plan sponsors during the novel coronavirus pandemic. We’ve compiled a listing on one page to make it simpler to find their announcements. Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 400, Rockville, MD 20850