May 8, 2020
Financial relief is available for you and your participants
We are working to help you through this difficult time. To provide a measure of financial relief during the coronavirus pandemic, we are waiving certain fees and allowing for plan invoice payment due date extensions. Specifically, until September 30, 2020:
- Participants will not have to pay our fee for hardship and coronavirus-related distibutions ($25 for RecordkeeperDirect® and PlanPremier®-TPA; $50 for PlanPremier-Bundled)
- Participants will not have to pay our $85 new loan origination fee.
- PlanPremier-Bundled sponsors will not have to pay the $350 fee for requested plan amendments.
Additionally, plan sponsors may receive a 90-day extension on quarterly plan invoices received before September 30, upon request.
More relief is available. Our plan sponsor brochure outlines additional measures for financial relief, available through the Coronavirus Aid, Relief and Economic Security Act (CARES Act) and existing retirement plan law.