COVID-19 Checklist for Plan Sponsors
As COVID-19 upends business operations, it is changing 401(k) plan management. Plan sponsors face new responsibilities and urgent situations. Below is a checklist of tasks and issues for consideration, with recommendations of service providers whose assistance employers may seek.
Service Providers and the Coronavirus
Serious times make clear the value of 401(k) providers that offer the highest level of service. Amidst the coronavirus, market volatility created by investors reacting to the now-named pandemic reminds plan sponsors how important is their plan’s financial advisor.
Are You Well Served?
Employers sponsoring 401(k) plans depend on their service providers to help them offer a better retirement plan and operate their plan compliantly under ERISA. To assist, we describe below the basic responsibilities of key plan providers as well as additional services employers may seek to enhance their participants’ experience and ease their plan operations.