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black eyeglasses on table with letters spelling 2020 visible behind them (Photo: Shutterstock)

It’s safe to say that when the year started, no one could have foreseen the impact COVID-19 would have on our way of life. The workforce needed to quarantine, financial markets swung wildly and businesses across all industries were forced to adapt rapidly to an ever-changing situation. Looking back on 2020, retirement plan sponsors can learn several lessons for managing their plan, and take a few key actions now to help them better prepare for the year ahead.

1. Expect the unexpected — and manage through it. A global pandemic may have been unexpected, but the potential for disruptions to the ways we conduct business is not. Situations that significantly challenge your business are inevitable over the long term, making it wise to prepare a holistic retirement plan strategy in advance to manage through them.

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