(Photo: Shutterstock)
Sales of defined contribution plans are expected to take a hit in 2020 as the coronavirus pandemic has prompted many employers to postpone or cancel putting their plans out to bid.
A survey of recordkeepers by Secure Retirement Institute and the Retirement Leadership Forum said DC plan sales are predicted to be considerably lower in the second and third quarters of 2020, compared with pre-COVID-19 sales forecasts. The study shows recordkeepers are optimistic that sales in the fourth quarter will rebound slightly, but still fall below pre-pandemic expectations.
Sales expectations in the second quarter of 2020 were off 21 percent from pre-COVID expectations, and were off by 22 percent in the third quarter. In the fourth quarter of 2020, the survey said, sales were predicted to be off by 14 percent.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Charles Toutant
Charles Toutant is a litigation writer for the New Jersey Law Journal.
