COVID-19 Employer Playbook

What Retirement Plan Vendors Are Doing

ADP Retirement Services • The COVID-19-related distributions will be added to all plans unless the plan sponsor opts out by April 6, 2020. An email was sent to plan sponsors on April 1, 2020 informing them of this and providing a link to the opt-out form. • ADP will have the withdrawal changes available for participants starting on Tuesday, April 7, 2020. BlueStar Retirement Services • System-wide changes are underway, and BlueStar expects to be ready to take COVID-19-related distribution requests as soon as Monday, April 6, 2020. • Plan administrators will be required to opt-out of these changes if not desired. Fidelity Investments • Fidelity is in the process of updating their systems to allow for COVID-19-related transactions. • Participant communications are in development. • Plan administrators will be required to opt-out of these changes if not desired. • Fidelity is reviewing other key changes, such as the changes to participant loan provisions and repayment requirements, as well as the waiver of RMDs in 2020, and will provide additional guidance in the coming days. Newport Group • System-wide changes are underway, and Newport Group expects to be ready to take COVID-19-related distribution requests as soon as Monday, April 6, 2020. • Newport Group will provide more details on any action items necessary to implement loan changes and payment extensions.

Digital Retirement Solutions • Digital Retirement Solutions is working to update their systems to implement these changes and are establishing an “opt-in” process to adopt these changes. Empower Retirement • System-wide changes are underway and Empower expects to be ready to take COVID-19-related distribution requests as soon as Monday, April 6, 2020. • The COVID-19-related distributions will be added to all plans unless the plan sponsor opts out by April 3, 2020. An email was sent to plan sponsors on April 1, 2020 informing them of this and providing a link to the opt-out form. • Participant communications are in development. Paychex • Paychex is working to update their systems to implement these changes and expects to have more information available to plan sponsors and participants within the coming week. • Participant communications are in development. Principal Financial • Principal is working on contacting Plan administrators to adopt the provisions of the CARES Act via electronic signature. • Principal’s team has procedures in place and are ready to process withdrawal requests after the provisions have been adopted. • Participants will be able to self-certify that they meet the requirements for COVID-19-related distributions or loans.

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