CARES Act Provisions – Retirement Plan Options

You hired a third-party administrator to help service your company’s retirement plan, but are you receiving the guidance and service it deserves?

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law. This legislation was in response to the coronavirus (COVID-19) emergency which is presenting new and unique challenges that most of us are facing for the first time. This bill includes relief for employers and retirement plan participants.

Did you know under the CARES Act, a retirement plan may provide:

  • Penalty-free withdrawals for coronavirus-related distributions
  • Expanded loan provisions for eligible participants
  • Required minimum distribution waivers
  • Ceasing of Safe Harbor Contributions
  • Freeze Defined Benefit Contributions

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Your retirement plan should be managed by an experience team of consultants, administrators and actuaries that exhibits thought leadership in the pension plan industry.