Nationwide Retirement Plans announced that it will continue to waive or reimburse certain fees for retirement plan loan initiation, distribution or hardship withdrawals for plan participants under the CARES Act through Dec. 31, 2020.
The original fee waivers from Nationwide started in late March and were scheduled to last through Sept. 30, 2020. The firm notes that the purpose of the continued fee waivers is to make it easier for individuals experiencing economic hardship to access financial relief when they need it.
“Since the CARES Act remains in effect and the pandemic continues to pose economic challenges, we recognize that individuals still need help,” explains Eric Stevenson, president of Nationwide Retirement Plans. “While withdrawing from your retirement savings should be a last resort, it’s an option that provides a vital lifeline for some families in need.”
Since the CARES Act was enacted, 12% of Nationwide Retirement Plan withdrawals and loans have been related to the Act.
