At 401GO we hold the vision that everyone should have access to a 401(k) plan, and that it should be affordable and portable. Costs should be low and technology abundant. However, given the current events, we are also realistic. We understand that businesses may not be looking at the 401(k) plan as much as other more pressing matters. We want to put your mind at ease. We take care of the 401(k) plan so you can focus on navigating the difficult economic dilemma prevalent in the United States today.
When it comes to saving for the future, it is usually with the perspective of anticipated and expected outcomes. Especially when we consider the goal of retirement. The outcome, we hope, is having sufficiently saved up or that things will be better off when that future event or moment arrives. The unprecedented spread of COVID-19 has changed all that for many people. In that respect, we understand that access to the 401(k) account can have a life-altering outcome.
On March 27, 2020 the over $2 Trillion dollar Coronovirus Aid Relief and Economic Security (CARES) Act passed. This legislation has many provisions in it to help with the situation that many face. More specifically, it provides unique access to the 401(k) account for those participating.
All these changes that affect the 401(k) can be immediately implemented by 401GO. We can accommodate these things for our existing clients now. It is important to people and thus important to us.
Those changes to the 401(k) plan from the CARES Act are as follows:
These changes can be made upon request. They are available to those that are sponsoring a 401(k) plan. The plan document will eventually need to be updated. The deadline for that is January 1, 2022.
Leave a Comment