Independent schools are special places, solely focused on their mission of helping others. Employees of independent schools work there because it’s the lifestyle they have chosen, not to get rich. Their 403(b) plan is essential to their financial security and likely their largest asset. When it comes to saving and investing for retirement, schools understand their employees need more help.
PlanPILOT was pleased to contribute to the National Business Officers Association’s NetAssets magazine in a roundtable discussion to help CFOs and Business Officers understand the CARES Act.
Faced with the impact of the global pandemic, NBOA schools and their Retirement Plan Committees needed to decide whether or not to adopt the CARES Act for their 403(b) plans. Many chose to add the new provisions to provide greater access to retirement assets for those affected by the coronavirus. However, schools will need to revisit their long term strategy for helping employees and making sure they continue to fulfill their fiduciary duties.
“School’s should always consider what is in the best interest [of their employees and plan participants], the fiduciary standard, and make their decisions looking at factors like their employee population, the goals of the plan and the circumstance of the decision”.
PlanPILOT’s holistic approach is to make sure our clients have a complete analysis of the legislation and its potential impact to their plan and employees, now and in the future, so they can make well-informed fiduciary decisions.
Read the full article here: https://www.netassets.org/blogs/net-assets/2020/05/05/cares-act-and-retirement-plan-provisions-what-inde
How PlanPILOT Can Assist
If you would like more information or guidance on managing your retirement plan administration and the potential impacts of the CARES Act, please contact PlanPILOT at info@planpilot.com or call (312) 973-4911. We can work with you to help your institution achieve positive outcomes. Feel free to contact us to learn more about the services we offer.
Related Posts
What Plan Sponsors Should Know About the Plan Document - Why is the retirement plan document so important, and what elements should be included in your organization's plan document? ...Read More
Evaluating Your Plan’s Recordkeeper - Learn more about the role a plan recordkeeper plays and some of the factors plan sponsors should consider when choosing and evaluating a recordkeeper. ...Read More
Creating an Effective Investment Policy Statement - Learn about what should be included in an effective Investment Policy Statement and how a well-crafted IPS can lighten the load of a committee that's… ...Read More