Product: Defined Contribution, 457 Program
Contacts: Primary, Human Resources
Date Sent: 9/21/2020
As a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act, Qualified Individuals have 180 days from the implementation of the act to apply for a loan from their MERS Defined Contribution or MERS 457 Program account. The 180 deadline is Wednesday, September 23, and in a effort to make sure all applications are processed by that date, Alerus is requiring that they be submitted by end of business on Tuesday, September 22.
A notice with this deadline was sent to all HR and Primary contacts at all municipalities with DC and/or 457 that allow for loans.
Additionally, this information has been available on our CARES Act resource pages on MoM since they were launched.
Sample: A copy of the eblast can be found here.