NADA – The NADA Retirement Program from Empower will waive fees on all new retirement plan loans and hardship withdrawals to support dealerships and their employees’ financial needs resulting from the COVID-19 outbreak. Origination fees on any new loans and charges for all hardships will be waived until further notice. These changes cover all tax-qualified workplace retirement plans in the program in accordance with plans that permit such distributions, and includes new provisions allowed under the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic downturn in the financial markets may foretell high levels of demand for loans and hardship withdrawals over the next several months. The team at NADA Retirement from Empower is prepared to be both responsive and proactive regarding employer and employee 401(k)-related concerns.
Originally posted on Auto Dealer Today