COVID-19: Potential implications for pensions and benefits
For many, the economic reverberations of the COVID-19 pandemic raise the question: “what will become of my retirement savings?" Pension plan members will be relying upon their employers for reassurance, and pension plan administrators will be expected to uphold their fiduciary standard especially in trying times. Employees unable or unwilling to work may also have questions about their entitlement to benefits under any salary continuation, disability or comparable employee benefit programs.
In our Update entitled, "Potential COVID-19 implications for pensions and benefits," we explore are a few considerations for plan administrators and employers to keep in mind while planning their COVID-19 strategy, ranging from communication, to funding and contribution and more.