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While it's always advisable for plan sponsors to maximize the value provided by their retirement programs, the coronavirus-induced economic uncertainty now plaguing the country has posed a new set of challenges.
Given the tremendous impact on businesses nationwide, sponsors should consider strategies that can help strengthen retirement plans while alleviating financial burdens, and ensuring participants are aware of hardship and loan options offered by the recently passed CARES Act.
For most organizations, retirement programs represent a significant financial obligation at the moment, particularly if they are committing matching dollars to plan participants. As a result, many organizations are looking for ways to relieve expenses to protect employee wages and preserve jobs. Other organizations that haven't been as severely impacted by the pandemic are considering ways to enhance their retirement plans.
4 strategies to keep your plan strong
In either case, here are four keys I'd emphasize in the current circumstances.
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