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The global implications from the coronavirus (COVID-19) are a sad reality with repercussions that are still largely unknown. We know that understanding what is best for your participants, while balancing business needs, may require that difficult decisions be made. We are here for you.
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It is paramount to remember that plan fiduciaries have the responsibility to do what is in the best interest of participants, and your defined contribution (DC) plan is designed as a long-term investment vehicle to save for retirement. While the time horizon to retirement is short for some in your population, the majority will have a longer period to recover before they retire and draw down assets. One of the most important things to continue to do at this time is to manage to the long-term strategy you have set out for your DC plan.

We have identified nine areas for plan sponsors to focus on, which may benefit your participants during this time:

 

  • Participant communications
  • Understanding participant activity
  • Hardship and loans
  • Reviewing investment structure
  • Custom multi-manager funds
  • Fund changes and re-enrollments
  • Company match adjustments
  • Company stock
  • Service provider business continuity plans

 

 

Please see Important Notices for further information.

1Mercer does not provide legal advice. You should contact your attorney before making any decisions with legal implications.

Have questions? Contact a Mercer consultant today.

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