Coronavirus Check-Up for Retirement Plans

“The last two weeks have seen dramatic changes for communities and businesses as COVID-19 has spread to all parts of the world.  Significant disruptions for businesses and individuals have become necessary as we work together to slow the spread of COVID-19.  As a result, businesses are adapting to changing customer demand, taking actions to protect their employees, and reacting to increased volatility in financial markets.  Employers have already started reviewing the impact of COVID-19 on health and welfare programs as well as other fringe benefits, and they should also consider the potential impacts on retirement plans. As 401(k) plan and other retirement benefits represent significant assets for most employees and retirees, they may look to their retirement plans for assistance.  We have included some considerations for retirement plan sponsors and fiduciaries as they navigate the process of reacting to the changes in the business environment and helping participants. Learn more here.

Source: Groom Law Group