Security Benefit will be waiving certain fees on its mutual fund custodial products until further notice. These transaction fee waivers apply to those requesting special distributions and loans under the Coronavirus Aid, Relief and Economic Security (CARES) Act.
“Given this extraordinary period, we wanted to help retirement plan participants in need,” says Doug Wolff, president of Security Benefit Life Insurance Co. “These waivers will hopefully bring some sense of stability for coronavirus-impacted employees. And this effort extends to plan sponsors as well, who are facing a variety of employee needs. Plan sponsors must amend their plans to adopt the CARES Act provisions, so we are waiving those related costs too.”
The waivers on mutual fund custodial fees include loan origination fees of $50, manual distribution fees of $25 per distribution and plan amendment fees of $250.
“If you look at the history of Security Benefit, we started in 1892 as a fraternal organization with a very philanthropic goal,” says Mike Kiley, Security Benefit’s CEO. “In the face of this crisis, we are continuing our legacy of giving, in part, through these fee reductions that are aimed at helping those who need it most.”
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