Responding to COVID-19: Retirement Plan Design, Fiduciary Best Practices, and Employee Financial Wellbeing Considerations
COVID-19 continues to have a significant impact on the nation and economy. Market volatility, organizational sustainability, and employee financial resilience are a few of the specific challenges plan sponsors face with regards to their retirement programs. The responsibilities to manage fiduciary risk and evaluate plan design alternatives are constrained by time and resources now dedicated to other business-related decisions addressing COVID-19. As an organization and committee, now is a critical time to ensure you’re maintaining prudent review and decision making processes. This means reviewing the right information to make plan design decisions that control expenses and cash flow while also considering participant impact and ensuring your employees have access to resources that can help them make financial decisions in a stressful environment.