PLANSPONSOR - June/July 2020 - 18

RESEARCH | 2020 RECORDKEEPING SURVEY
A Demanding Time
Sponsors can be cognizant of the pressures on their recordkeeper,
while continuing to ensure their plan operates smoothly
W
hile recordkeepers are contending
with various new
issues related to the pandemic,
they have also shown compassion
for plan sponsors and participants, who
feel the effects as well. From waiving
fees to offering additional financial help,
retirement plan recordkeepers, thirdparty
administrators (TPAs) and financial
wellness providers have all stepped
up to assist plan sponsors and employees.
Still, operating during this time
" places unfathomable strain " on recordkeepers'
business continuity plans
(BCPs), say attorneys at The Wagner Law
Group LLC in a blog post, " and creates
new challenges for compliant operations. "
For one example, the Coronavirus Aid,
Relief and Economic Security (CARES)
Act created a new emergency retirement
plan distribution option dubbed the
coronavirus-related distribution, or CRD
for short. A CRD may be drawn from a
defined contribution (DC) plan or from
an individual retirement account (IRA)
in any amount up to $100,000. The law
also doubled the size of the loan a participant
may take: from $50,000 or 50%
of one's account balance, whichever is
lower, to $100,000 or 100% of one's
account balance.
Recordkeepers offering volume
18 PLANSPONSOR.COM June - July 2020 Art by Red Nose Studio
submitter or master prototype plan documents
will have to amend these plans and
distribute a summary of material modifications
to allow for CRD withdrawals, note
the authors of the post, Stephen Wilkes,
Kimberly Shaw Elliot and Seth Gaudreau.
" Given the challenges to document execution
and obtain signatures, the negative
election process should be considered
where available. "
Nathan Voris, senior managing
director of business strategy for Schwab
Retirement Plan Services in Cleveland,
says 90% of Schwab plan sponsor clients
have adopted CARES Act provisions, and
10% of participants have taken loans.

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PLANSPONSOR - June/July 2020

Table of Contents for the Digital Edition of PLANSPONSOR - June/July 2020

Revisiting Wellness
2020 Recordkeeping Survey
Blight Resistant
Debt Busters
A Time for Caution
PLANSPONSOR - June/July 2020 - Cover1
PLANSPONSOR - June/July 2020 - Cover2
PLANSPONSOR - June/July 2020 - 1
PLANSPONSOR - June/July 2020 - 2
PLANSPONSOR - June/July 2020 - 3
PLANSPONSOR - June/July 2020 - 4
PLANSPONSOR - June/July 2020 - 5
PLANSPONSOR - June/July 2020 - 6
PLANSPONSOR - June/July 2020 - 7
PLANSPONSOR - June/July 2020 - 8
PLANSPONSOR - June/July 2020 - 9
PLANSPONSOR - June/July 2020 - 10
PLANSPONSOR - June/July 2020 - 11
PLANSPONSOR - June/July 2020 - 12
PLANSPONSOR - June/July 2020 - 13
PLANSPONSOR - June/July 2020 - Revisiting Wellness
PLANSPONSOR - June/July 2020 - 15
PLANSPONSOR - June/July 2020 - 16
PLANSPONSOR - June/July 2020 - 17
PLANSPONSOR - June/July 2020 - 2020 Recordkeeping Survey
PLANSPONSOR - June/July 2020 - 19
PLANSPONSOR - June/July 2020 - 20
PLANSPONSOR - June/July 2020 - 21
PLANSPONSOR - June/July 2020 - 22
PLANSPONSOR - June/July 2020 - 23
PLANSPONSOR - June/July 2020 - 24
PLANSPONSOR - June/July 2020 - 25
PLANSPONSOR - June/July 2020 - 26
PLANSPONSOR - June/July 2020 - 27
PLANSPONSOR - June/July 2020 - 28
PLANSPONSOR - June/July 2020 - 29
PLANSPONSOR - June/July 2020 - 30
PLANSPONSOR - June/July 2020 - 31
PLANSPONSOR - June/July 2020 - 32
PLANSPONSOR - June/July 2020 - 33
PLANSPONSOR - June/July 2020 - 34
PLANSPONSOR - June/July 2020 - 35
PLANSPONSOR - June/July 2020 - Blight Resistant
PLANSPONSOR - June/July 2020 - 37
PLANSPONSOR - June/July 2020 - Debt Busters
PLANSPONSOR - June/July 2020 - 39
PLANSPONSOR - June/July 2020 - A Time for Caution
PLANSPONSOR - June/July 2020 - 41
PLANSPONSOR - June/July 2020 - 42
PLANSPONSOR - June/July 2020 - 43
PLANSPONSOR - June/July 2020 - 44
PLANSPONSOR - June/July 2020 - 45
PLANSPONSOR - June/July 2020 - 46
PLANSPONSOR - June/July 2020 - 47
PLANSPONSOR - June/July 2020 - 48
PLANSPONSOR - June/July 2020 - Cover3
PLANSPONSOR - June/July 2020 - Cover4
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https://www.plansponsordigital.com/plansponsor/march_april_2024
https://www.plansponsordigital.com/plansponsor/january_february_2024
https://www.plansponsordigital.com/plansponsor/november_december_2023
https://www.plansponsordigital.com/plansponsor/september_october_2023
https://www.plansponsordigital.com/plansponsor/july_august_2023
https://www.plansponsordigital.com/plansponsor/may_june_2023
https://www.plansponsordigital.com/plansponsor/march_april_2023
https://www.plansponsordigital.com/plansponsor/december_2022_february_2023
https://www.plansponsordigital.com/plansponsor/october_november_2022
https://www.plansponsordigital.com/plansponsor/august_september_2022
https://www.plansponsordigital.com/plansponsor/june_july_2022
https://www.plansponsordigital.com/plansponsor/excellenceawards_2022
https://www.plansponsordigital.com/plansponsor/april_may_2022
https://www.plansponsordigital.com/plansponsor/february_march_2022
https://www.plansponsordigital.com/plansponsor/december_2021_january_2022
https://www.plansponsordigital.com/plansponsor/october_november_2021
https://www.plansponsordigital.com/plansponsor/august_september_2021
https://www.plansponsordigital.com/plansponsor/june_july_2021
https://www.plansponsordigital.com/plansponsor/april-may_2021
https://www.plansponsordigital.com/plansponsor/february-march_2021
https://www.plansponsordigital.com/plansponsor/december-january_2021
https://www.plansponsordigital.com/plansponsor/october-november_2020
https://www.plansponsordigital.com/plansponsor/august-september_2020
https://www.plansponsordigital.com/plansponsor/june-july_2020
https://www.plansponsordigital.com/plansponsor/april-may_2020
https://www.plansponsordigital.com/plansponsor/february-march_2020
https://www.plansponsordigital.com/plansponsor/december-january_2020
https://www.plansponsordigital.com/plansponsor/october-november_2019
https://www.plansponsordigital.com/plansponsor/august-september_2019
https://www.plansponsordigital.com/plansponsor/june-july_2019
https://www.plansponsordigital.com/plansponsor/april-may_2019
https://www.plansponsordigital.com/plansponsor/february-march_2019
https://www.plansponsordigital.com/plansponsor/december_2018-january_2019
https://www.plansponsordigital.com/plansponsor/october-november_2018
https://www.plansponsordigital.com/plansponsor/august-september_2018
https://www.plansponsordigital.com/plansponsor/june-july_2018
https://www.plansponsordigital.com/plansponsor/april-may_2018
https://www.plansponsordigital.com/plansponsor/february-march_2018
https://www.plansponsordigital.com/plansponsor/december_2017-january_2018
https://www.plansponsordigital.com/plansponsor/november_december_2017
https://www.plansponsordigital.com/plansponsor/october_2017
https://www.plansponsordigital.com/plansponsor/september_2017
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