Almost overnight we’ve moved from learning about the retirement-related provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to acting on it. It’s early yet, but this week we’d like to know what you’re hearing—and how your plan sponsor clients are responding to the new options.
Of course, under the provisions of the CARES Act an individual is eligible for a Coronavirus-related distribution if she/he (or her/his spouse or dependent) is diagnosed with the virus (via a test approved by the Centers for Disease Control), or experiences adverse financial consequences as a result of quarantine, furlough, layoff, reduction in hours, inability to work due to child care, business closure, or other factors as determined by the Secretary of the Treasury. Plan sponsors are allowed to rely on the participant's claim of eligibility without verifying.
So, which of these optional provision(s) will your plan sponsor clients adopt? And what have you heard from recordkeepers about the option(s) they are providing to plan sponsors?
REPLY to this week’s NAPA-Net Reader Poll at https://www.research.net/r/R9GNJWV
And we’ll have it all tallied up for you by Friday.
Wash those hands, keep your distance, stay safe, stay healthy!
