Products April 13, 2020

Envestnet Offering its Financial Planning Tool for Free

With MyBlocks, investors work with an adviser.

Reported by

Envestnet | MoneyGuide is offering its MyBlocks financial planning tool for free so consumers can work with an adviser to explore planning solutions.

The tool will be available for free for clients and prospects for the next 90 days. Envestnet will also provide employees of its enterprise and registered investment adviser (RIA) customers with free access to MyBlocks during this period.

Envestnet named its tool MyBlocks because it breaks down financial wellness topics into bite-size modules, or “blocks.”

“While we cannot manufacture masks or ventilators, we want to do our part to help as many Americans as possible during this time of crisis,” says Bill Crager, CEO of Envestnet. “We are providing the broader adviser community with free access to our MyBlocks planning tool to help more people across the country navigate through this turbulent time.”

Products April 9, 2020

MassMutual Removes Fees on Hardship Distributions and Loans

COVID-19-related distributions will be capped at $100,000 with no mandatory tax withholding requirements and the ability to repay them.

Reported by

MassMutual has announced that it is implementing new provisions for the 401(k) plans it oversees as recordkeeper, under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

Plan sponsors can opt in to offer a suspension of required minimum distributions (RMDs) for 2020. MassMutual is also offering a temporary increase of up to $100,000 for loans and an extension of up to one year for loan repayment.

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Until further notice, MassMutual is also waiving fees on hardship distributions and loans. COVID-19-related distributions will be penalty-free and capped at $100,000 with no mandatory tax withholding requirements.

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