15:29 PM

Fee waiver, accelerated process among actions Nationwide taking for retirement plan participants

  • Nationwide stands ready to waive or reimburses certain fees for retirement plan loans, distribution or hardship withdrawals
  • Company stands ready to help participants make the best choice for their households

Individuals seeking to access their retirement saving to help get them through the COVID-19 pandemic shutdown have some new options from Nationwide, as a result of the recently enacted federal stimulus package, also known as the CARES Act.

The company say it stands ready to waive or reimburse any Nationwide-imposed fees for loan initiation, distribution or hardship withdrawals. For those participants in plans who adopt these provisions and are impacted by the CARES Act, the fee waiver is effective from March 27, 2020 through September 30, 2020.

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.

“We stand ready to help individuals make the best choice for their financial futures in these difficult times,” said Nationwide Retirement Plans President, Eric Stevenson. “Our highly experienced staff is prepared to deliver extraordinary care to participants, assisting them with their COVID-19 related distribution requests and also helping them understand the long-term impact these provisions may have on their retirement savings and future financial wellbeing.”

For participants who want to learn more about these provisions, more information is available at: https://www.nationwide.com/personal/bulletin/cares-act