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Products April 13, 2020
Pentegra Is Latest Provider to Waive Coronavirus Amendment Fees
The firm also says it has designed a process that will make adopting hardship and loan relief provisions as seamless as possible.
Reported by PLANADVISER Staff
Pentegra on Monday announced that it has designed and implemented various strategies and initiatives to help its clients navigate the COVID-19 pandemic.
Pentegra’s efforts are being coordinated with the Coronavirus Aid, Relief and Economic Security (CARES) Act, which includes a number of retirement plan provisions designed to provide financial relief for participants impacted by the virus. These include expanding permissible distributions and loan rules and extending loan repayment periods for affected participants.
“These are challenging times, unlike what most of us have ever seen,” says Pentegra President and CEO John Pinto. “Like everyone, each of us here at Pentegra is focused on the health and safety of our team and our families, and on continuing to support our clients and partners in every way possible.”
Recognizing this challenge, Pentegra has created “an easy way for clients to adopt all three provisions”—i.e., expanded loans, expanded hardship withdrawals and extended loan repayment periods—built around an automatic adoption process. In addition, Pentegra says, it will be waiving any amendment fees related to adopting the CARES provisions.
Pentegra also recently introduced a COVID-19 and CARES Act resources page for clients.
“We encourage everyone—client or not—to contact us with any questions they may have on this, or other subjects,” Pinto says.