Does a plan have to have a current loan feature to use the coronavirus-related loan option?

No, the plan may issue only coronavirus-related loans and not allow loans for other purposes. This choice will need to be documented in amendment by the end of 2022 plan year.

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Cetera Retirement Plan Specialists is a third-party administrator and may not offer tax, legal or investment advice. Plan sponsors should consult their own tax, legal or investment professionals.