Transamerica, Massachusetts Mutual Life Insurance Co. and OneAmerica Financial Partners are eliminating fees on hardship withdrawals that individuals take from their retirement accounts to alleviate financial pressures from the coronavirus pandemic, the three record keepers announced in separate news releases Tuesday.
Transamerica said it is waiving all retirement plan fees associated with coronavirus-related distributions until further notice.
OneAmerica is providing broader fee waivers, eliminating administrative fees for all hardship withdrawals, including COVID-19 distributions under the Coronavirus Aid, Relief and Economic Security Act. The waivers will be in place through Dec. 31.