Employee Benefits in the Age of COVID-19 – Part Two: 401(k) Financial Relief
Exchange associates with questions about their 401(k) plans can visit www.401k.com or contact Fidelity Investments directly at 1-800-835-5098 (continental United States) or 508-787-9902 (overseas).
This is the second in a weekly series to help Exchange associates understand how their benefits can help them navigate the uncertainty of the COVID-19 pandemic. This week’s story explores how associates’ Fidelity Investments 401(k) benefits can help them manage the financial fallout that may occur as a result of the pandemic.
The COVID-19 pandemic has affected seemingly every aspect of American life, and for many, the family pocketbook has been no exception.
Thanks to the March 27 passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, however, Exchange associates’ 401(k) plans can help them manage financial difficulties that may arise from the pandemic.
Through Fidelity Investments, associates can:
- Adjust biweekly contributions.
- Take out loans against their 401(k) accounts.
- Defer loan payments until the end of 2020.
- Make penalty-free withdrawals and pay the income from the withdrawal over three years.
Associates who want to use the relief options mentioned above or have questions about their 401(k) plan can visit www.401k.com or contact Fidelity directly at 1-800-835-5098 (continental United States) or 508-787-9902 (overseas). Questions and answers on coronavirus-related relief for retirement plans through the CARES Act can be found on the official IRS website.
Associates experiencing financial difficulties may also contact their creditors to inquire about relief programs for customers affected financially by the pandemic.
Reminder – Exchange Assistance Program:
Associates and dependents experiencing increased stress and anxiety as a result of the pandemic or its economic fallout can also contact the Exchange Employee Assistance Program for free, confidential short-term counseling and referrals: Click here for more information or call 1-800-424-5988 to connect with a clinician.
