Nationwide extends certain fee waivers for retirement plan participants through the end of the year to help with COVID-19
Columbus, OH – Nationwide Retirement Plans announced it is continuing to waive or reimburse certain fees for retirement plan loan initiation, distribution or hardship withdrawals for plan participants impacted by the CARES Act through December 31, 2020. The original fee waivers from Nationwide started in late March and were scheduled to last through September 30, 2020.
The purpose of the continued fee waivers is to make it easier for individuals experiencing economic hardship to access financial relief when they need it.
“Since the CARES Act remains in effect and the pandemic continues to pose economic challenges, we recognize that individuals still need help,” said Eric Stevenson, president of Nationwide Retirement Plans. “While withdrawing from your retirement savings should be a last resort, it’s an option that provides a vital lifeline for some families in need. We think it’s the right thing to do for our customers to continue to waive or reimburse certain fees through the end of the year.”
Since the CARES Act was enacted, 12% of Nationwide Retirement Plan withdrawals and loans have been related to the Act.
Nationwide’s retirement plans business has also elevated and accelerated processes to respond to customer needs and is ready to provide participants with educational resources to help them weigh whether withdrawals or loans are the best option for their family.
Participants can call 1-800-772-2812 for more information about these provisions or visit https://www.nationwide.com/personal/bulletin/cares-act.
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This material is not a recommendation to buy, sell, hold or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.
The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities and trust programs. The unregistered group fixed and variable annuities are issued by Nationwide Life Insurance Company. Trust programs and trust services are offered by Nationwide Trust Company, FSB. Nationwide Investment Services Corporation, member FINRA. Nationwide Mutual Insurance Company and Affiliated Companies, Home Office: Columbus, OH 43215-2220.
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