A Plan Sponsor Guide
Retirement plan sponsors are dealing with tremendous complexity, confusion and uncertainty. COVID-19 has changed every facet of society as we know it — including how you manage your 401(k) plan.
If you’re having difficulty wrapping your head around all of the changes and to-dos, you’re not alone.
Among other challenges, many retirement plan sponsors are struggling to adopt provisions introduced in the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion relief bill designed to help stabilize the economy and soothe financial hardships for millions of Americans in the wake of the pandemic-fueled downturn.
In fact, nearly half of plan sponsors say they are still deciding which CARES Act provisions to implement. In addition, many employers are dealing with dwindling cash flows, leaving them with the onerous choice of cutting or suspending retirement plan matching contributions.
You shouldn’t have to face these unprecedented times alone. Now more than ever, you need the expert guidance of an experienced, dedicated retirement plan advisor who can help you navigate this “new normal.” If you don’t already have an advisor, it may be the time to consider partnering with one. And if your plan has an advisor, are they doing all they can to help you manage the health of your retirement plan?
Your responses to the questions below can help you determine if now is the right time to hire a retirement plan advisor or contemplate replacing your existing one:
If you answered NO to 4+ questions, it may be time to consider partnering with a retirement plan advisor or switching to a new one.
In these challenging times, it’s important to have confidence, especially when it comes to making sure you’re serving the needs of your plan and participants to the best of your ability. Partnering with a dedicated financial professional who has the expertise to help you manage your plan successfully, especially now, can help you work towards achieving that goal. With attentive and consultative advisors, you can rest assured knowing that you have experts in your corner who will be there for you every step of the way throughout this crisis and beyond. Contact us, we will help you and your participants get through this, together.
 Plan Sponsor Council of America. CARES Act Snapshot Survey. April 2020
This article is for educational purposes only. The tax and legal references attached herein are designed to provide accurate and authoritative information with regard to the subject matter covered and are provided with the understanding that LoVasco Consulting Group is not engaged in rendering tax or legal services. If tax or legal advice is required, you should consult your accountant or attorney. LoVasco Consulting Group does not replace those advisors.
Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a registered broker dealer and Investment Advisor, member FINRA / SIPC. LoVasco Consulting Group is independently owned and operated.
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