Spencer Fane attorney Greg Ash recently published an article with BenefitsPRO, a leading ALM publication on employee benefits and labor and employment law, on the CARES Act and its effect on retirement plans.
“Some of the nation’s largest recordkeepers are forcing employers to decide within days whether to offer this new form of distribution,” Greg wrote. “Even before the CARES Act made it out of the House, Fidelity Investments notified some of its plan sponsor clients by email that they must affirmatively opt out of the new form of distribution by March 31, 2020, if they do not want to make it available. Some plan sponsors first received that notice from Fidelity on March 26, effectively giving them two business days to decide.”
The full article can be read here. To learn more about best practices during the COVID-19 pandemic, please click here.
