The two service providers have joined the growing list of firms helping their clients impacted by the coronavirus to adopt the retirement plan relief provisions of the CARES Act.
Pentegra announced April 13 that it has made several recent changes designed to help its clients who have been affected by the COVID-19 pandemic, including expanding permissible distributions and loan rules, and extending loan repayment periods for affected participants.
The firm notes that it has designed a process that will make adopting these provisions as seamlessly as possible and has created an easy way for clients to adopt all three provisions by automatic adoption with an opt-out feature. Pentegra will also be waiving any plan amendment fees related to adopting the CARES provisions.
To help affected participants, the company will waive transaction fees related to Coronavirus-related transactions, which will be available as soon as possible. Pentegra also recently introduced a COVID-19 and CARES Act resource page for clients.
For more information, visit our new CARES Act Adoption Default list!
CUNA Mutual Retirement Solutions
CUNA Mutual also revealed April 13 that it is waiving fees for any Coronavirus-related plan loans and withdrawals from retirement plans to help relieve pressure on plan participants.
The waivers include all fees for Coronavirus-related withdrawals, effective immediately and until further notice. The company also notes that it is delivering regular communications and education to plan sponsors to help them navigate decision-making in the wake of the CARES Act. This includes engaging industry experts to help educate advisors and relationship managers on how to support small business clients, as well as one-on-one participant consultations with education specialists that will serves an extension to the firm’s Investor Guidance Center to help participants make informed financial decisions.
“It’s devastating to see so many small businesses struggling during these challenging economic times,” says CUNA Mutual Retirement SolutionsSenior Vice President Paul Chong. “We hope these new measures will help provide them and their employees with the information, resources and support they need to maintain and rebuild.”
