Products April 7, 2020

Transamerica Takes Steps to Help Plan Sponsors, Participants During Coronavirus

The retirement plan provider is waiving certain fees and has established a dedicated team to support participants in their decision making.

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Transamerica says it recognizes that the recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act may seem complex for plan sponsors as well as their participants, who may need help with extra expenses as a result of the pandemic.

It is waiving all retirement plan fees associated with coronavirus-related distributions until further notice. In addition, Transamerica will not charge any plan amendment fees needed to implement the new CARES Act provisions for those retirement plan sponsors who use Transamerica’s pre-approved document.

Because of the market volatility of the past month, Transamerica has seen increased requests from plan participants for education and investment advice. In response, the firm has established a dedicated team to support participants who are considering accessing their retirement savings to meet their short-term financial challenges related to the coronavirus.

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Products April 7, 2020

John Hancock Announces New COVID-19 Fee Policies

The firm is waiving fees related to participant hardship withdrawals and suspending fees for plan amendments made in response to the pandemic.

Reported by

To help retirement plan sponsors and participants in plans it administers that might be facing economic stress due to the COVID-19 pandemic, John Hancock Retirement Plan Services has announced changes to fee policies.

It is waiving fees related to participant hardship withdrawals. It is also suspending any John Hancock fees for plan amendments made for plan sponsor actions in response to the pandemic.

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The changes went into effect on April 3 and will last through December 31.

John Hancock notes that the recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act waives the 10% early withdrawal penalty for distributions up to $100,000 for coronavirus-related purposes and increased retirement plan loan limits to $100,000 or 100% of a participant’s vested balance, whichever is less.

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