How COVID-19 is affecting larger employers’ retirement plans
Employers are adapting plans and communications strategies in response to the pandemic
Like many other aspects of our lives, employees’ confidence in their retirement plans has undergone rapid change due to the COVID-19 pandemic. To understand how employers’ priorities have shifted, we surveyed users of the Empower Retirement platform in mid-April about any adjustments they might be making to their plans or to their communications with employees.
The survey’s findings suggest that large employers are committed to adjusting their retirement plans in response to the pandemic. They are also seeking additional support from advisors in key areas, such as understanding regulatory changes related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act and supporting their efforts to communicate with their employees.
- Top areas of focus for large employers include health and safety, effective communication, and navigating the many changes wrought by the pandemic.
- Nearly half of the large employers surveyed intend to make proactive changes to their retirement plans in response to the crisis.
- Large employers overwhelmingly indicate they intend to offer employees one or more of the loan or disbursement opportunities provided by the CARES Act.
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