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Two puzzle pieces If you suspended your matching contributions during the pandemic, don’t be shy about using the reinstatement of the match to entice employees and participants who have suspended their contributions.

It’s still early in the year. It’s time to get rid of old habits and face 2021 with new resolve. That includes trying to get employee retirement savings back on track. The good news is that, yes, it is possible, and there are many ways employers can help.

Among all age groups, 34% have dipped into their retirement savings due to the economic impact of COVID-19. Plan participants may have suspended their CARES Act loan repayments, stopped contributing to their defined contribution plan, or taken a substantial loan or withdrawal to relieve personal financial stress. In January, those loan repayments kicked in again, taking a bite out of their take-home pay.

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