COVID-19: working through a time of change

In this period of unprecedented change, we've got the resources you need to understand new legislation, find help for your business, run virtual meetings, and navigate the new normal.

A message from Patrick M. Murphy, CEO, John Hancock Retirement

The CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress and signed into law by the president on March 27, 2020. This act is the latest round of federal government support relating to the COVID-19 public health crisis and associated economic turmoil, and contains some significant retirement plan provisions. The CARES Act offers financial relief by temporarily relaxing the rules on three key provisions of qualified retirement plans.

  • Coronavirus-related distributions of up to $100,000 may be allowed in 2020 without penalty—for participants in eligible retirement plans—if they meet certain conditions. 

     
  • The relaxation of loan rules includes a temporary increase in the maximum loan amounts and a one-year extension to repayments due between March 27, 2020, and December 31, 2020.  
     

     
  • The 2020 required minimum distribution (RMD) waiver would allow plans to suspend making RMDs in 2020 and would apply to participants who turned age 70 1/2 in 2019 and had not yet received their 2019 distribution. 

     

Helpful resources for our business partners

Use these links to find help for small business owners, guidance from health authorities, and resources for retirement plan professionals.

Virtual meetings fill the social distancing gap

Like many of you, most of us are working from home, but that doesn’t mean meetings stop—we just move them online.

  • How to go virtual with enrollment and education

    There are several virtual options for educating participants and enrolling them in their plans: live and recorded webinars, one-on-one calls, multimedia, and interactive online tools.

    Reach out to your relationship manager to set up and run virtual education meetings and share our best practices. We're here to help!  

  • Use our prepackaged market dynamics education campaign 

    Retirement savers need education and guidance now more than ever. Whether you have a John Hancock plan or not, you can use our prepackaged market dynamics campaign to run education meetings, with flyers in English and Spanish.  

Making retirement plans work—despite the uncertainty

We're continuously monitoring, measuring, adjusting, and responding to meet the changing needs of our financial professionals, plan sponsors, and participants.

Help with the new normal

Working from home? Managing a team remotely? It comes with extra challenges when everyone in your household is also home. We’ve got some best practices for the new remote workplace and some ideas to keep your kids busy.

  • Set yourself up for success 

  • Managing your team remotely?

    • Leading teams remotely webinar from Harvard Business School 
    • Tips for managing remote workers from LEADx
    • How smart leaders can help their teams navigate the global COVID-19 crisis webinar from Bates Communications   

     

  • Try socializing from a distance

    Schedule a virtual coffee klatch, water cooler conversation, lunch and learn, or happy hour with your favorite video conferencing app.

Here's how we're keeping our kids occupied while we're all home together

  • Cook together

    • Stage your own episode of Chopped with whatever you have in the pantry
    • Order pre-prepped recipes and make dinner as a family
    • Have each family member pick a night to cook or to choose the meal

    And make clean up more fun with a dance party set to the kids' favorite music.  

  • Fun ways to reach out to the grandparents

    • Have the grandparents read bedtime stories on Facetime or a video call
    • Invite remote family members to play Words with Friends, Quiz Up, Fleet Battle, or any of your other favorite game apps
    • Host a trivia or Pictionary night with the cousins on your favorite video conferencing platform 

     

More digital resources for kids and families

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