With the CARES Act and increased loan amounts and an opportunity for distributions from the early distribution penalty, it’s important for you as a plan sponsor to contact participants about these new provisions if you decided to opt-in and allow them.
Whether it’s you or your third-party administrator (TPA), your participants must know about these avenues because they won’t use them if they don’t know about them. There might be a lot of participants hurting for money right now and they need to know that they may have access to their retirement money.