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ARTICLE · 23 APRIL 2020

COVID-19 Considerations For Retirement Plan Sponsors And Committees

Davis+Gilbert LLP
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Employers must take action now to provide appropriate oversight of their retirement plans, both in reaction to recent legislation and extreme stock market volatility due to COVID-19.

United StatesEmployment and HR
Mark Bokert
Mark Bokert
Alan Hahn
Alan Hahn
William Szanzer
William Szanzer
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Employers must take action now to provide appropriate oversight of their retirement plans, both in reaction to recent legislation and extreme stock market volatility due to COVID-19.

This is especially true for those employers that have needed to reduce their active workforce, including through layoffs and furloughs.

In particular, retirement plan committees should, in many cases, call an ad hoc meeting to review the effects that the coronavirus pandemic may have on their qualified retirement plans, including 401(k), 403(b) and defined benefit pension plans. Plan sponsors and retirement plan committees should meet with their investment consultants and Employee Retirement Income Security Act (ERISA) counsel to review the recent coronavirus-related legislation, including the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which President Trump signed into law on March 27, 2020, and ongoing market volatility. Retirement plan committees must understand

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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