Is your plan getting the support it needs during this pandemic?
Retirement plan sponsors are dealing with tremendous complexity, confusion and uncertainty. COVID-19 has changed every facet of society as we know it — including how you manage your 401(k) plan.
If you’re having difficulty wrapping your head around all of the COVID-19 changes impacting 401(k) plans and the to-dos, you’re not alone.
Among other challenges, many plan sponsors are struggling to adopt provisions introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion relief bill designed to help stabilize the economy and soothe financial hardships for millions of Americans in the wake of the pandemic-fueled downturn.
In fact, nearly half of plan sponsors say they are still deciding which CARES Act provisions to implement1. In addition, many employers are dealing with dwindling cash flows, leaving them with the onerous choice of cutting or suspending retirement plan matching contributions.
You shouldn’t have to face these unprecedented times alone. Now more than ever, you need the expert guidance of an experienced, dedicated retirement plan advisor who can help you navigate this “new normal.” If you don’t already have an advisor, it may be the time to consider partnering with one. And if your plan has an advisor, are they doing all they can to help you manage the health of your retirement plan?
A plan sponsor checklist
Complete the checklist below to help you determine if now is the right time to hire an advisor or contemplate replacing your existing one:
If your Answer Total equals 4 or higher, it may be time to consider partnering with a retirement plan advisor or switching to a new one.
In these challenging times, it’s important to have peace of mind, especially when it comes to making sure you’re serving the needs of your plan and participants to the best of your ability. Partnering with a dedicated financial professional who has the knowledge to help you manage your plan successfully, especially now, can help you achieve that goal.
With attentive and consultative advisors, you can rest assured knowing that you have experienced professionals in your corner who will be there for you every step of the way throughout this crisis and beyond. Contact us. We will help you and your participants get through this together.
1 Plan Sponsor Council of America. CARES Act Snapshot Survey. April 2020.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
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