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week ending April 3rd, 2020
The Coronavirus Aid, Relief and Economic Security (CARES) Act offers help for both retirement plan sponsors and participants during this trying economic time. Plan sponsors need to know all the details to be able to make the best decisions for themselves and their participants. The help offered by the CARES Act extends beyond retirement plans. In this edition of PLANSPONSOR Weekend, you’ll find informative articles to help you with decision making and administration. We will continue to update our news coverage with more details. All our coverage can be found on our Coronavirus News for Plan Sponsors web page.
Editor's Choice
DB Plan Relief Included in the CARES Act
The bill provides a delay for minimum annual required contributions and relief for plans that may have benefit restrictions triggered due to a drop in funding levels.
Administrative Considerations for CARES Act Transactions
Plan sponsors need to understand the details and ask themselves certain questions to make sure they are complying with the new law.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
“Our firm sponsors both a 403(b) and 457(b) plan and have already begun to receive questions from employees regarding the hardship distribution (403(b)) and unforeseeable emergency distribution (457(b)) provisions in our retirement plans and whether they would be able to access their funds in such plans due to expenses related to the COVID-19 pandemic. Will such distributions be permissible?”
Important Considerations Before Waiving RMDs
Taking required minimum distributions (RMDs) is about shifting to a taxable account, not necessarily about liquidating investments.
Employers Can Offer More Student Loan Repayment Help to Employees
The CARES Act allows employers to contribute toward employees’ student loan debt tax-free to employees, and employees need guidance on what they can and should do about deferring payments.
Popular Reads
Participants Will Need Support to Understand Lifetime Income Projections
Recordkeepers are bolstering education, projection modeling tools and tailored advice capabilities to support plan participants and encourage them to remain on track for retirement income planning.
Milliman Accused of Failing to Prune Bad Investments From 401(k)
A lawsuit alleges that the poor performance of a suite of target-risk funds resulted in a nearly $250 million loss to participant accounts.
Data and Research
Equity Compensation Increasingly Becoming an Important Financial Benefit
More than one-quarter of employees surveyed by Morgan Stanley at Work said equity compensation helps them meet their long-term goals.
Data and Research
2021’s Hardships Redefine Financial Wellness Goals
With so many Americans having gone through tough times over the past two years, a new study looks at how this has affected their financial well-being and sense of the future.
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