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business woman employer holding a paper with pie chart on it (Photo: Shutterstock)

The economic shutdown and subsequent passing of the CARES act as a result of the COVID-19 outbreak drastically altered the retirement outlook and created many financial challenges for some participants in company-sponsored retirement plans.

The market volatility that followed in March and April capped by nearly 30% losses in the broader equity markets paired with drastically rising unemployment rates created unexpected financial shocks for many Americans. Although utilization of the coronavirus-related distribution and loan expansion features has been much lower than expected, certain industries and regions of the country are still experiencing setbacks that continue to exacerbate financial stress in the workforce.

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