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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.
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