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Products April 8, 2020
Nationwide Joins List of Providers Offering CARES Act-Related Help to Participants
The retirement plan provider is waiving fees and accelerating transaction processing for those taking withdrawals or loans related to the COVID-19 pandemic.
Reported by PLANSPONSOR Staff
Individuals seeking to access their retirement savings to help get through repercussions of the COVID-19 pandemic are getting some help from Nationwide, as a result of the recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act.
The company says it will waive or reimburse any Nationwide-imposed fees for loan initiation, distributions or hardship withdrawals. For those participants in plans that adopt provisions of the CARES Act, the fee waiver is effective from March 27 through September 30.
Nationwide’s retirement plan business has also elevated and accelerated processes to respond to customer needs and is ready to provide participants with educational resources to help them determine whether retirement plan withdrawals or loans are the best option for their families.
“We stand ready to help individuals make the best choice for their financial futures in these difficult times,” says Nationwide Retirement Plans President Eric Stevenson. “Our highly experienced staff is prepared to deliver extraordinary care to participants, assisting them with their COVID-19 related distribution requests and also helping them understand the long-term impact these provisions may have on their retirement savings and future financial well-being.”
For participants who want to learn more about these provisions, information is available at https://www.nationwide.com/personal/bulletin/cares-act.