NAPA Net - Polling Places 041720

Distance "Learning"

Almost overnight we’ve moved from learning about the retirement-related provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to acting on it. It’s early yet, but this week we’d like to know what you’re hearing – and how your plan sponsor clients are responding to the new options.

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* 1. It's early yet, every situation is different, and the worst of the economic impact is perhaps still ahead. Last week we asked about the likelihood of plan sponsors adopting the new expanded loan and distribution options in the CARES Act. But, thinking about your plan sponsor clients, do you think they - for the most part - will:

aggressively promote the new options.

communicate the new options, but also remind participants of the importance of retirement savings.

communicate the new options, but discourage use of the options.

all of the above.

some of all of the above.

I've no earthly idea (yet).

Comments?

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* 2. It's early yet, every situation is different, and the worst of the economic impact is perhaps still ahead. But the CARES Act has expanded access to retirement accounts as a resource during this critical time. When we get to the end of 2020, do you think...

Total loans and distributions will be about what they normally are.

Total loans and distributions will be up, but only 10% or so.

Total loans and distributions will be up, probably by at least 25%.

Total loans and distributions will be up by at least 50%.

Total loans and distributions will double.

Total loans and distributions will by up by 200%.

Comments?

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* 3. What question(s) are you being asked most by plan sponsors?

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* 4. What question(s) are you being asked most by plan participants?

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* 5. On a different note, what have you gotten to do over the past three weeks that you wouldn’t have had the chance to do but for the “shutdown?”

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* 6. Other comments about the coronavirus, the CARES Act, the response(s) to the CARES Act, communication(s) about the CARES Act, questions about the CARES Act, or life in general?

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

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 8. 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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* 9. 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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* 10. 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 (don't forget your email)!