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.
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.