Page 10 - MayDefComp

calendar year 2020. Bob explained that all RMDs would
be automatically suspended but that individuals could
contact MassMutual to have them re-instated. A letter
explaining the process will be going out literally today or
tomorrow and a copy of the communication will be send
to both the County and NFP.

3 C. i Paul summarized the provisions of the $100,000
withdrawals and that that would be an “up to” maximum
where the participant would have flexibility to withdrawal
3C. ii less than the maximum if desired.

Paul explained how loans would be handled and that the
total amount of $100,000 or 100% would be a ceiling
between both COVID 19 and any current amount or
“regular” loan amount the individual had. Bob also added
that the interest rates (Prime + 1) would apply to
repayment started again in 2021.

3. D Paul indicated that there was plenty of time before the
Plan Document would need to be amended to reflect any
changes and that this item would be brought back to the
Committee if they elected to adopt the permission
provisions of the CARES Act.

3. E Paul indicated that communication regarding the RMD
would be handled by MassMutual. The communication
for the two elective provisions would start with
MassMutual’s draft communication (which was part of
the Committee packet). NFP will review this and
determine if there are any other revisions that need to
occur. If not, the County could distribute a
communication under their letterhead which would
include the MassMutual communication and a cover for
the email or printed copy and that the cover information
would identify what action the Committee had taken,
what resources participants could use going forward
(both the County and MassMutual website information
would be supplied) and the contact information for
Patrick (both email and phone number) for any questions
they had.