NAPA Net - Polling Places 041020 Survey

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* 1. A number of recordkeepers/TPAs are already reaching out to plan sponsors on decisions regarding the optional provisions of the CARES Act, notably COVOID-19 related distribution and loan options. While you may work with a variety of recordkeepers, what are MOST doing?

Default the plan to incorporate all coronavirus-eligible provisions of the CARES Act unless the plan sponsor opts out.

Status quo until the plan sponsor directs as to which provision(s) of the CARES Act they will adopt, if any.

It's split about 50/50 between those assuming adoption, and those waiting for instruction.

Most are waiting for direction.

Most are assuming adoption.

No communication yet.

No idea.

Comments on those option(s)?

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* 2. Under the provisions of the CARES Act an individual is eligible for a Coronavirus-related distribution if she/he (or her/his spouse or dependent) is diagnosed with the virus (via a test approved by the Centers for Disease Control), or experiences adverse financial consequences as a result of quarantine, furlough, layoff, reduction in hours, inability to work due to childcare, business closure, or other factors as determined by the Secretary of the Treasury. Plan sponsors are allowed to rely on the participant's claim of eligibility without verifying. While it's still early, which of the following provisions do you expect your plan sponsor clients to adopt?

	All will.	Most will.	Some will.	A few will.	None will.	No idea.
Increase plan loan limit to the greater of $100,000 or 100% of the vested account balance for loans initiated within 180 days of enactment (on or before September 21, 2020).	Increase plan loan limit to the greater of $100,000 or 100% of the vested account balance for loans initiated within 180 days of enactment (on or before September 21, 2020). All will.	Increase plan loan limit to the greater of $100,000 or 100% of the vested account balance for loans initiated within 180 days of enactment (on or before September 21, 2020). Most will.	Increase plan loan limit to the greater of $100,000 or 100% of the vested account balance for loans initiated within 180 days of enactment (on or before September 21, 2020). Some will.	Increase plan loan limit to the greater of $100,000 or 100% of the vested account balance for loans initiated within 180 days of enactment (on or before September 21, 2020). A few will.	Increase plan loan limit to the greater of $100,000 or 100% of the vested account balance for loans initiated within 180 days of enactment (on or before September 21, 2020). None will.	Increase plan loan limit to the greater of $100,000 or 100% of the vested account balance for loans initiated within 180 days of enactment (on or before September 21, 2020). No idea.
Suspend loan payments due on or before December 31, 2020 and defer those payments for up to one year.	Suspend loan payments due on or before December 31, 2020 and defer those payments for up to one year. All will.	Suspend loan payments due on or before December 31, 2020 and defer those payments for up to one year. Most will.	Suspend loan payments due on or before December 31, 2020 and defer those payments for up to one year. Some will.	Suspend loan payments due on or before December 31, 2020 and defer those payments for up to one year. A few will.	Suspend loan payments due on or before December 31, 2020 and defer those payments for up to one year. None will.	Suspend loan payments due on or before December 31, 2020 and defer those payments for up to one year. No idea.
Allow distributions until December 31, 2020 of the lesser of 100% of the vested account balance or $100,000.	Allow distributions until December 31, 2020 of the lesser of 100% of the vested account balance or $100,000. All will.	Allow distributions until December 31, 2020 of the lesser of 100% of the vested account balance or $100,000. Most will.	Allow distributions until December 31, 2020 of the lesser of 100% of the vested account balance or $100,000. Some will.	Allow distributions until December 31, 2020 of the lesser of 100% of the vested account balance or $100,000. A few will.	Allow distributions until December 31, 2020 of the lesser of 100% of the vested account balance or $100,000. None will.	Allow distributions until December 31, 2020 of the lesser of 100% of the vested account balance or $100,000. No idea.
Allow repayment of coronavirus-related distributions during the next three years.	Allow repayment of coronavirus-related distributions during the next three years. All will.	Allow repayment of coronavirus-related distributions during the next three years. Most will.	Allow repayment of coronavirus-related distributions during the next three years. Some will.	Allow repayment of coronavirus-related distributions during the next three years. A few will.	Allow repayment of coronavirus-related distributions during the next three years. None will.	Allow repayment of coronavirus-related distributions during the next three years. No idea.
Unsure - still deciding.	Unsure - still deciding. All will.	Unsure - still deciding. Most will.	Unsure - still deciding. Some will.	Unsure - still deciding. A few will.	Unsure - still deciding. None will.	Unsure - still deciding. No idea.

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* 3. While different circumstances might call for different solutions, which are you (generally speaking) recommending to plan sponsors for COVID-19-qualified participants (check all that apply)?

Increase plan loan limit to the greater of $100,000 or 100% of the vested account balance for loans initiated within 180 days of enactment (on or before September 21, 2020).

Suspend loan payments due on or before December 31, 2020 and defer those payments for up to one year.

Allow distributions until December 31, 2020 of the lesser of 100% of the vested account balance or $100,000.

Allow repayment of coronavirus-related distributions during the next three years.

Thoughts, comments or observations on these option(s)/recommendation(s)?

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* 4. What's been the biggest adjustment for you/your practice?

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* 5. Other comments about the coronavirus, adjusting your business (and life) to the new realities, the CARES Act, the impact of the CARES Act, response (or lack thereof) to the alternatives in the CARES Act, the need for additional relief, or life in general?

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* 6. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 7. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 8. Suggestions for future survey questions? Seriously - what would you like to know about/from your fellow NAPA-Net readers? Or what would you like to be asked?

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* 9. All responses are confidential, of course - but just in case you would like a response - or want me to know you responded - or just want to say hi - here's your chance to do so!