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Many applauded the recent CARES Act retirement provisions allowing employers to let employees borrow or withdraw more from their retirement plans. But others were, if not alarmed by workers going for the gusto and grabbing their funds, concerned.
Did offering the ability to take more loans require (morally or otherwise) an employer to provide some information about potential consequences? Would employees be hurting themselves more by taking advantage of the provisions? Would plans be drained by summer?
Principal Financial Group has attempted to shed some light on what actions retirement plan participants have taken and think they might take. Its recent study asked workers about their likelihood of tapping retirement or other funds during this time when people are experiencing financial loss.
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