Another week has passed as the United States and nations around the world grapple with the impact of the coronavirus pandemic. One big stimulus package has been passed by Congress, and debate has already started on follow up relief legislation. Moving forward, plan sponsors face tough choices about freeing up hardship withdrawals and expanding loan options for participants. Some may even choose to suspend contributions or take other drastic measures. As we tackle these challenges together, we hope you find some helpful information below, and encourage you to share some of what you read with a client or colleague.
With the coronavirus pandemic causing acute financial harm to so many Americans, plan sponsors may feel compelled to offer hardship withdrawal relief in their plans; plan advisers can help them make the best decisions for their workforce by, for example, endorsing loans over outright withdrawals.
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Those few remaining advisers who have been reluctant to integrate digital communications as a core part of their client service strategies have little choice but to reconsider in this new world.
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‘This is likely the moment we will become full-time remote and never go back,’ one adviser says. ‘The challenge will be maintaining camaraderie.’
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As one might expect, what the Department of Labor (DOL) and the Securities and Exchange Commission (SEC) are particularly interested in is how advisers are paid.
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