CARES Act – Allowing participant loans up to $100,000 from Relius Administration
-----Original Message----- From: FIS Relius <Relius-InMail@fisglobal.com> Sent: Tuesday, March 31, 2020 5:49 AM To: Alan Reagan <Alan.Reagan@warrenaverett.com> Subject: FIS Relius - Information Regarding Incident
Hi Alan,
The management team is aware of the recently passed CARES Act and are in
discussions, I can tell you that the below is the workaround for loans
within Relius, but the web will still enfore the 50,000.00.
I cannot say for sure what versions other than the most recent will get
updated, but doubtful anything older than one back will be.
I will send along any new information as I get it
1 - In plan loan specs > limits - max amount is set to 100,000.00
2 - In plan loan specs > funding > loan funding - maximum % available - 100%
3 - In plan loan specs > funding > maximum available loan calculation - Based on
DOL, Percent of specified balance 100%
When adding the loan the system will display message loan amount of
100,000.00 exceeds etc. do you wish to override - answer yes
Thank you,
Karen Werner
FIS Relius Support Center INITIAL REQUEST:
I got this email earlier this morning from our Daily 401(k) Operations
Manager. I realize the CARES act just passed, but any idea on how and when
the change in the cap of participant loans is going to be delivered to the
Relius Administration product? Will this be via a hotfix? We're still on
18.2, but I'm assuming that whatever change is going to have to occur will
be delivered to several of the previous versions.