Employers have seen and continue to see changes in their current business environment. As they explore options to reduce costs, some may find themselves needing to reduce the employer contributions into their retirement plans. A popular 401(k) design option is the safe harbor 401(k) which requires either a non-elective employer contribution or an employer match.

Despite the fact that women tend to live longer, female workers typically have lower retirement account balances than their male counterparts. Many factors may contribute to this disparity, including lower earnings, greater part-time work and time off for child and eldercare, lower levels of financial literacy and lower risk/lower return investment choices.

Working remotely is not a new concept, but it may be new for some. As companies respond to COVID-19 with alternative work arrangements, many employees are having to work from home on short notice and with little preparation.

As the world responds to the coronavirus situation, fear and anxiety are escalating in the workplace. Making employee health and well-being a priority is important, but it must go beyond reiterating the importance of good hygiene or encouraging employees to work from home. During this challenging time, companies must take action to instill calm and reassure employees that they are committed to their overall health and well-being. Key steps to consider include:

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As of March 2020, the COVID-19 pandemic has made its impact throughout the United States. Not only has it had a significant effect to the economy, it has changed nearly every Americans way of life. It has most definitely made its mark on your company, which may present serious financial difficulties for your employees. Given the immediate financial impact that many individuals are facing, employers and retirement plan administrators should expect to receive inquiries from plan participants regarding access to retirement savings.

As the world grapples with the global outbreak of COVID-19, many employers have questions about their benefits compliance obligations pertaining to employees who may be affected by the virus. While we will attempt to address at a high level some of the issues that have been brought to our attention, it’s important to note that employers should consult with legal counsel about any specific legal obligations they may have in conjunction with their business plans.

Business Continuity Planning Checklist