"We are witnessing a rush to provide [CARES Act loan and distribution] options to affected plan participants and this rush is resulting in problems ... [1] Plan sponsors are being given a very brief time to respond to [TPAs] with decisions (e.g., five days) and told by the TPAs that the plan will be defaulted into some but not all of the flexibility allowed by these new rules.... Plan sponsors are [thus] allowing decisions of great magnitude to be made by their vendors. [2] Communications to participants are being proposed, and then quickly distributed to participants, that do not correctly describe the new rules or the decisions desired by the plan sponsors. [3] Spousal consent requirements under the current terms of the plan are being disregarded as provisions that can be ignored now and amended out of the plan later."  MORE >>