Bloomberg Law
April 9, 2020, 3:57 PM

Pandemic Spurs Push for Easing Pension Change Consent Rules

Warren Rojas
Warren Rojas
Senior Reporter

Business groups want to make it easier for pension holders facing pandemic-induced financial problems to take large lump sum withdrawals.

The problem is that pension holders are required to obtain notarized witness consent from spouses legally entitled to a portion of any distributions, a task complicated by stay-at-home orders.

Retirement professionals are recommending temporarily easing up on the spousal protections by allowing consent via teleconference, for example, during the length of the coronavirus crisis.

“We believe the spousal protections are very important and they should be enforced, but in a way that does not jeopardize anyone’s health,” Chantel Sheaks, the ...

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