3 more record keepers waive fees on hardship withdrawals

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.

MassMutual, meanwhile, is dropping fees on both loans and hardship distributions regardless of whether plan sponsors adopt the loan and hardship withdrawal relief provisions under the CARES Act. The waivers are in effect until further notice.

The trio joins a slew of other record keepers that have announced similar fee waivers, including Voya Financial, Empower Retirement, John Hancock Retirement and Principal Financial Group.