Products April 9, 2020

Securian Removes COVID-19 and Hardship Withdrawal Fees

The firm is also offering free fiduciary and wellness services.

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Securian Financial is waiving all COVID-19-related 401(k) distribution fees for the retirement plans in which it is the recordkeeper. Additionally, it is permanently waiving fees on all hardship withdrawals.

For its existing full-service 401(k) customers, Securian will act as an Employee Retirement Income Security Act (ERISA) 3(16) fiduciary for distributions and loans under the Coronavirus Aid, Relief and Economic Security (CARES) Act for no additional cost. Securian will also waive the ordinary applicable plan amendment fee.

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Full-service customers will also receive a suite of wellness services for their participants, free of charge through the end of the year. This will include access to professional financial and grief counselors, self-service tools to prepare legal documents, such as a will, power of attorney or health care directive, and relevant education.

“Many of our retirement plan customers are struggling and need help during this challenging time,” says Ted Schmelzle, senior director of retirement solutions at Securian Financial. “We are here to support them and their employees by providing financial relief and one-on-one wellness counseling resources, at no cost, to those who need it most.”

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.

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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.

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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.

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