Instant Insights / How the Coronavirus Affects HR, Benefits, and Retirement Professionals

Dealing with COVID-19's massive impact on employers, employee benefits, 401(k) and pension plans, health insurance, and more.


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With the novel coronavirus taking a harsh toll on global markets and businesses small and large, one law firm is trying to avoid the layoffs and cuts that are trickling in around the industry by targeting its retirement-related expenses.

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Marshall Dennehey Warner Coleman & Goggin president and CEO Mark Thompson announced in a firmwide email Monday that it is suspending its 4% employer 401(k) match until next year. The policy is effective May 1.  Marshall Dennehey is a large law firm devoted to civil defense litigation, with over 500 attorneys across six states.

The plan is the only retirement option offered firmwide and has around an 80% participation rate among the firm’s 1,200 employees, Thompson said. Thompson did not disclose how much the policy will save, and said that he fully expects the matching to return in 2021.

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