Vol. XIX, Issue 15

April 2, 2020

COVID-19 Legislative Update April 2, 2020—CARES Act

Earlier this week, Wespath published its preliminary summary of the federal Coronavirus Aid, Relief, and Economic Security Act (CARES Act) here. Part of the CARES Act is a new forgivable federal loan program to help small businesses retain employees: the Payroll Protection Program (PPP) of the Small Business Administration (SBA). As we described in our CARES summary, the PPP was drafted to cover nonprofit employers, including religious organizations like churches.

Several lawmakers have now written to the SBA to express their strong desire that the program be implemented in accordance with Congress' intent. These letters include:

In addition, Wespath supported a letter from the Church Alliance to the SBA suggesting important clarifications for churches and religious organizations in the implementation of the PPP. Wespath is a leading member of the Church Alliance. Through our Church Alliance relationship, we also are sharing this fact sheet from K&L Gates, legal partner to Wespath and the Church Alliance.

Wespath continues to analyze the CARES Act and its potential impact on UMC annual conferences, local churches, and clergy/lay employees. If you have questions about the CARES Act, please send them to Tony Prestipino, Andy Hendren, Steve Clark or Jim O'Connell.

Additional resources are available on Wespath's COVID-19 webpage.

Wespath Urges Companies to Support Workers and Markets During COVID-19 Crisis

Wespath announced this week that it has signed onto the "Investor Statement on Coronavirus Response" urging companies to take measures to support their workforce and communities during this unprecedented time. Please see our press release for more details.

Wespath Chief Investment Officer Provides Video Update to Participants

"We will overcome the challenges and obstacles that temporarily set us back, and we will be better for it." CIO Dave Zellner addresses the continued market volatility and understandable investor concern in his latest video, but affirms that as in prior market downturns, markets and economies will eventually recover.

EY Offering Webinars to Discuss Market Volatility

This week, Wespath held retirement webinars to explain benefit options to participants planning to retire in 2020. We sent a registration reminder on Monday that also included information about EY market volatility webinars. These webinars are designed to explain how benefits may be impacted by changes in market performance and recommend actions participants may take to manage investments in this uncertain environment.

Participants who are not planning to retire this year received a separate eblast announcing the EY webinars. We also promoted the webinars on our social media sites.

Wespath Holiday Closing—Good Friday

Wespath will be closed on Friday, April 10, in observance of Good Friday. Customer service assistance will be unavailable that day.

Benefits Access for participants can be used to access acount information and complete transactions 24 hours a day, seven days a week. The automated phone system, accessible by calling 1-800-851-2201, will also be available for participants.

The Benefit Access Portal for Plan Sponsors and Wespath Institutional Investor Portal will be available to plan sponsors, conferences and institutions.


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