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COVID-19 Updates

The COVID-19 pandemic has quickly made its impact throughout the nation, not only affecting people’s health but significantly changing our country’s way of life, business functions, and the global economy.

It is our goal to continue to keep plan sponsors and participants informed amid this constantly changing environment. To help you navigate changes related to your retirement plan benefit, please refer to the applicable library of resources below:

SFP Wealth Newsletters

  1. April 2020 Newsletter - The SFP Wealth team has had discussions with many of you regarding the financial impact of the COVID-19 pandemic. Each conversation has been different but there has been a common theme that we have tried to impart - teamwork. We are all in this together and everyone should feel comfortable leaning on the SFP Wealth team for guidance and support.

Retirement Planning Outreach

  1. Week of June 1, 2020 - Enhancements have been made to our website! Explore the new "Retirement Plan Services" page under the "Services" tab.
  2. Week of May 18, 2020 - Attached for participant use is a market summary for the month of April. While most major equity indexes entered bear market territory in March, April brought a quick rebound and ended as the best month for the U.S. equities since 1987. 
  3. Week of May 4, 2020 - Plan sponsors will find further information on key retirement plan & IRA transactions covered by the IRS’s extension of time.
  4. Week of April 20, 2020 - This week, let's further explore the CARES Act as it relates to student loans for both plan sponsors and participants.
  5. Week of April 13, 2020 - Detailed in this memo is an FAQ released by Equitable that drives deeper into the CARES Act provisions related to retirement plans as well as unemployment, and small business assistance program.
  6. Week of April 6, 2020 - This memo contains a flyer detailing five tips to help plan participants stay on track with their financial goals and avoid common pitfalls.
  7. Week of March 30, 2020 - You may have heard that the President signed the CARES (Coronavirus Aid, Relief, and Economic Security) Act last Friday - the third piece of major legislation related to stimulating the economy amid the Coronavirus outbreak.
  8. Week of March 23, 2020 - As Plan Sponsors, you may be looking into plan provision changes; especially around employer contribution obligations.
  9. Week of March 16, 2020 - Attached please find your Quarterly Plan Sponsor Newsletter, Participant Newsletter, and a flyer on making contributions through ups and downs in the market for your review and distribution.
  10. Week of March 9, 2020 - The SFP Wealth team hopes everyone is managing this difficult situation as best you can and that we all maintain a firm grasp on positivity and optimism in the coming weeks.

Participant Resources

  1. Coronavirus-Related Relief for Retirement Plans and IRAs Questions & Answers - For more information regarding this topic, click here to visit the official IRS web-page. 
  2. Staying The Course: Coronavirus and Past Market Epidemics
  3. Coronavirus Aid, Relief, and Economic Security ('CARES') Act Summary
  4. Yes. Time is Everything
  5. Bear Markets Come and Go
  6. Coping with Market Volatility: Avoid Rash Decisions
  7. Coronavirus Concerns? Consider Past Health Crises
  8. Eleven Ways to Help Yourself Stay Sane in a Crazy Market
  9. Handling Market Volatility
  10. Holding Equities for the Long Term: Time vs. Timing
  11. Federal Student Loan Borrowers Get Explained Relief in CARES Act
  12. CARES Act Provides Relief to Individuals and Businesses
  13. The Coronavirus and the Global Economy

Plan Sponsor Resources

  1. Coronavirus-Related Relief for Retirement Plans and IRAs Questions & Answers - For more information regarding this topic, click here to visit the official IRS web-page.
  2. Benefits Compliance Implications for the Current Coronavirus Crisis
  3. COVID-19 Insights for Retirement Plan Sponsors
  4. Families First Coronavirus Response Act and Extension of Time to File and Pay Federal Taxes
  5. CARES Act Legislation Summary
  6. CARES Act Student Loan Summary
  7. CARES Act Business Provisions Summary
  8. CARES Act Provides Relief to Individuals and Businesses