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ERISA requires retirement plan fiduciaries to do what a like fiduciary would do under the circumstances then prevailing. There is no debate that the COVID-19 pandemic has presented a particularly unique set of circumstances in this country. The stock market took the largest downturn since the 2008 financial crisis. That downturn – coupled with the rapid change in societal behavior and stay-at-home orders – has caused a ripple effect resulting in an unprecedented number of company shutdowns and bankruptcies, mass layoffs and furloughs nationwide.

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