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Let them know

knowledge

With the CARES Act and increased loan amounts and an opportunity for distributions from the early distribution penalty, it’s important for you as a plan sponsor to contact participants about these new provisions if you decided to opt-in and allow them.

 

Whether it’s you or your third-party administrator (TPA), your participants must know about these avenues because they won’t use them if they don’t know about them. There might be a lot of participants hurting for money right now and they need to know that they may have access to their retirement money.

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