With the world in flux and companies trying to adjust to the “new normal”, many employers may not be thinking about their retirement plan. However, with the CARES Act and Paycheck Protection Program their attention may be warranted.
As their trusted advisor, your plan sponsor clients could benefit from considering these three proactive assessments to preempt unwanted plan surprises.
Fiduciary Risk Management
The past few months have been riddled with a series of hefty fiduciary decisions. Many plan sponsors are overwhelmed by trying to understand the impact of the CARES Act, social distancing, CDC requirements, WFH technology challenges, and a myriad of additional complexities brought on by the global pandemic.
In terms of their retirement plan, your clients are having to choose whether or not to adopt CARES Act distribution provisions. This is a fiduciary decision – one that should be thoughtfully considered and documented.
Interestingly, a recent Fidelity study found that approximately 97% of … Read More