Add White Plains, N.Y.-based retirement plan and fiduciary outsourcing solutions provider Pentegra to the ever-expanding list of companies implementing changes to help clients impacted by the COVID-19 pandemic.
“These are challenging times, unlike what most of us have ever seen,” Pentegra President and CEO John Pinto said in a statement. “Like everyone, each of us here at Pentegra is focused on the health and safety of our team and our families, and on continuing to support our clients and partners in every way possible. We are also cognizant of the fact that many participants may be experiencing economic difficulties at this time, and are uncertain about their financial future. We want them to know that we are here for them.”
Many of Pentegra’s efforts are being made in conjunction with the implementation of the Coronavirus Aid, Relief and Economic Security (CARES) Act, which includes retirement plan provisions designed to provide financial relief for participants impacted by the virus. These include expanding permissible distributions and loan rules, and extending loan repayment periods for affected participants.
Pentegra says it has designed a process that will make adopting these provisions as seamless as possible, and has created an easy way for clients to integrate all three provisions by automatic adoption with an opt-out feature. In addition, Pentegra will be waiving any amendment fees related to adopting the CARES provisions.
The company said it expects that impacted participants will want to take advantage of these features as soon as possible and therefore will make coronavirus-related withdrawals and qualified loans a priority. The company will also waive fees for coronavirus-related transactions, as many in the industry have done.
Pentegra also recently introduced a COVID-19 and CARES Act resources page for clients—a place where they are able to access materials that provide an overview of the CARES Act and how it impacts retirement plans along with frequently asked questions regarding COVID-19 and retirement plans.
“It is through these efforts and others that we are helping as many people as possible navigate this challenging time,” Pinto said. “We encourage everyone—client or not—to contact us with any questions they may have on this, or other subjects. Most importantly, stay safe and be well.”
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
