The retirement plan provider is waiving fees and accelerating transaction processing for those taking withdrawals or loans related to the COVID-19 pandemic.
Only 5% of employers with self-funded health insurance already have a financial impact assumption, while 21% say they have begun modelling it, according to Mercer.
The change is for all tax-qualified workplace retirement plans administered by Empower that permit such distributions and includes new provisions allowed for under the CARES Act.
The interest-free, payroll-deducted payment plan can keep employees ‘away from more financially toxic payment options,’ such as taking a retirement plan loan, the company notes.
Vanguard modifies managed payout fund; Transamerica launches stable value option for 403(b)s; Fidelity announces health savings mutual funds; and more.