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Press Release

Pentegra Announces COVID-19-Related Efforts to Help Clients

Issued by Pentegra

Apr. 13, 2020

White Plains, NY, April 13, 2020 – Pentegra, a leading provider of retirement plan and fiduciary outsourcing solutions, has made several recent changes designed to help its clients who have been impacted by the COVID-19 pandemic.

“These are challenging times, unlike what most of us have ever seen,” said Pentegra President and CEO John Pinto. “Like everyone, each of us here at Pentegra is focused on the health and safety of our team and our families, and on continuing to support our clients and partners in every way possible.  We are also cognizant of the fact that many participants may be experiencing economic difficulties at this time, and are uncertain about their financial future. We want them to know that we are here for them.”

Many of Pentegra’s efforts are being made in conjunction with implementation of the Coronavirus Aid, Relief and Economic Security (CARES) Act, which includes retirement plan provisions designed to provide financial relief for participants impacted by the virus. These include expanding permissible distributions and loan rules, and extending loan repayment periods for affected participants.

Pentegra has designed a process that will make adopting these provisions as seamlessly as possible, and has created an easy way for clients to adopt all three provisions by automatic adoption with an opt-out feature.  In addition, Pentegra will be waiving any amendment fees related to adopting the CARES provisions.  

Pentegra understands that affected participants will want to take advantage of these features as soon as possible and will make coronavirus-related withdrawals and qualified loans a priority. To help affected participants, the company will also waive transaction fees related to coronavirus-related transactions.

Pentegra also recently introduced a COVID-19 and CARES Act resources page for clients—a place where they are able to access materials that provide an overview of the CARES Act and how it impacts retirement plans along with frequently asked questions regarding COVID-19 and retirement plans. View the web page here.

“It is through these efforts and others that we are helping as many people as possible navigate this challenging time,” Pinto said. “We encourage everyone – client or not – to contact us with any questions they may have on this, or other subjects. Most importantly, stay safe and be well.”

About Pentegra
Pentegra is a leading provider of retirement plan and fiduciary outsourcing solutions to organizations nationwide. Founded in 1943, we offer retirement plan and fiduciary outsourcing solutions designed to help plan sponsors minimize risk, ease retirement plan burdens and reduce work. The result: powerful, retirement plan solutions that deliver improved plan outcomes and a better way to offer a retirement plan. For more information, go to www.pentegra.com.

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