healthcare worker sits at desk using mobile phone for video call

Healthcare Trends: How healthcare employers are adjusting retirement plans during the pandemic

Jun 15, 2020
Empower Institute

Medical professionals across the U.S. are making extraordinary sacrifices every day as they serve on the front lines of the coronavirus crisis. But in addition to protecting their patients, healthcare workers are also concerned about protecting their retirement savings during a period of extreme market volatility.

At the same time, as Empower Retirement research reveals, healthcare employers are also trying to adapt to these uncertain times.

Insight from a recent survey highlights how healthcare clients are altering their approach during the COVID-19 outbreak compared with other sectors. Overall, healthcare employers are considering more plan design changes across the board — whether related to the

Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or otherwise.

Key findings:

  • The majority of healthcare clients have adopted certain provisions in the CARES Act to help their employees.
  • Some healthcare employers have reduced their company match or delayed their non-discretionary contributions.
  • Workers are looking for guidance from their employer when it comes to managing their retirement account.
  • Empower is supporting healthcare clients by hosting virtual meetings.
research paper download

Download research paper

Latest Empower Institute Articles

husband and wife sit in front of laptop reviewing finances
Jul 20, 2020
Empower Institute

It’s not about generations

Employers can better understand workers’ needs by studying their past experiences and personal backgrounds.

Carefully consider the investment option’s objectives, risks, fees and expenses. Contact Empower Retirement for a prospectus, summary prospectus for SEC registered products or disclosure document for unregistered products, if available, containing this information. Read each carefully before investing.

Securities offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment adviser, Advised Assets Group, LLC. Investing involves risk, including possible loss of principal. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.

IMPORTANT: The projections, or other information generated on the website by the investment analysis tool regarding the likelihood of various investment outcomes, are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. The results may vary with each use and over time.

Insurance products are issued by or offered through Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; or in New York, by Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY. Guarantees are subject to the terms and conditions of the contract and the claims-paying ability of the insurer.

The Empower Institute is a research group within Empower Retirement, LLC.

All features may not currently be available and are subject to change without notice. ©2020 Empower Retirement, LLC. All rights reserved.

Unless otherwise noted: Not a Deposit | Not FDIC Insured | Not Bank Guaranteed | Funds May Lose Value | Not Insured by Any Federal Government Agency.