Additional Comments

The CARES Act is just a temporary rescue/relief plan, as I fear there is more to come with the economic losses that many industries will be facing in the coming months. And I am very concerned about cybersecurity and data breaches more now than ever. We are not fully prepared to deal with this in my opinion.

We need answers now about how and when to spend PPP money for retirement benefits and still get it forgiven. How about guidance on the 3-year tax split on distributions. And where the heck is funding relief for 2019 DB contributions that are now unaffordable?

Actually hoping the pause opportunity we are getting as a human race to reevaluate our priorities will result in tangible improvements to the human condition. Not sure the high price in human lives is worth it though.

I am not promoting the CARES Act to the plan sponsors or participants. I am discouraging them from adding the features and from discussing taking money out of the plans in general.

If a TPA/recordkeeper isn’t agile in being able to mass communicate effectively, I don’t know how they’d be able to handle the onslaught of legislation and administrative changes over the last few months with SECURE and CARES (and whatever’s next...) to be able to serve their clients effectively.

Our hope is that the economy will recover and most of the CARES Act provisions will not be utilized. We are not proponents of using retirement funds to pay short term expenses, and the amount of leakage because of these provisions could be detrimental to the group which they are trying to help.

Can’t wait to see the other side of Coronavirus and get used to the “New Normal.”

Due to additional work and inconveniences on account of COVID-19, the IRS/DOL should give a 60-day extension to file Form 5500s due during 2020 and not require an extension to do so. This costs the government nothing.

Would love to hear updates on potential of DC funding relief. We know it’s not passed in the current act, but would be anxious for any updates on the letter sent to Treasury.

I can’t wait until some normalcy resumes.

Lots of mixed messages out there, would love to get more of what the ARA is pushing for, we would love an update on that and to know if there is still hope some relief is coming.

I think people are concerned about accessing the programs the government has rolled out. Some find it easier than others and there is absolutely a sense of frustration.

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