We are not quite 60 days past the signing of the CARES Act, legislation that, depending on plan adoption decisions, significantly expanded participant access to their retirement accounts. Are you seeing an uptick in that activity?
Early information from recordkeepers suggests that withdrawal and loan rates in the first quarter (pre-CARES, and mostly pre-pandemic) were, if anything, a bit lower than normal. Early surveys (including one by sister association the Plan Sponsor Council of America (PSCA) suggested that many plan sponsors were taking a thoughtful approach to adoption of the expanded withdrawal and loan provisions.
Realizing that a wide range of factors—geography, industry, exposure to COVID, etc., not to mention the availability of the new withdrawal and loan provisions—can impact the volume of pre-retirement distributions, we’re curious as to if you are seeing any change in loan and withdrawal volumes thus far.
Please respond to this anonymous survey at https://www.research.net/r/Y6VVHZP
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