PLANADVISER - May/June 2020 - 34
in practice
Damage Control in a Downturn
Tips for curating plan sponsors' responses to a crisis
EVEN IF RETIREMENT plan sponsors have been through
market downturns and made it out before, these events
make them nervous. Defined contribution (DC) plan sponsors
are concerned about how participants will
react;
defined benefit
(DB) plan sponsors worry about funded
status and required contributions; and both face difficult
decisions, trying to balance fiscal responsibilities with fiduciary
duties. However, each financial crisis is unique, just as
each adviser client is unique.
The effects of the COVID-19 pandemic were recently
measured by a PLANSPONSOR pulse survey, fielded among
sponsors that responded to our 2019 DC Survey. Findings
were that 73% were at least moderately concerned about business/organizational
risks. Many sponsors reported they were
considering employee layoffs, furloughs or salary reductions.
These concerns were in addition to retirement plan
considerations, with one in four thinking about changing
their plan's safe harbor status and nearly one-third considering
decreasing or suspending employer match contributions.
Even greater numbers were debating whether to
expand participant loan limits and offer emergency distributions
under provisions of the Coronavirus Aid, Relief and
Economic Security (CARES) Act.
The results underlined the importance of advisers to plan
sponsors during times of crisis. Sixty-seven percent said they
have relied on their plan adviser or consultant for insights or
" Downturn or not, they
have to uphold a fiduciary
process, and clients like it
that we get ahead of what
they need to do. "
34 | planadviser.com May-June 2020
Art by Linda Yan
http://www.planadviser.com
PLANADVISER - May/June 2020
Table of Contents for the Digital Edition of PLANADVISER - May/June 2020
2020 PLANADVISER DCIO Survey
All That Goes Into a Practice
Compliance When It's Tough
A Case For Both
The Alternative Workplace
Damage Control in a Downturn
An Uptick in Customer Arbitration?
Client Relationship Summary
Evaluating Reg BI Compliance
PLANADVISER - May/June 2020 - Cover1
PLANADVISER - May/June 2020 - Cover2
PLANADVISER - May/June 2020 - 1
PLANADVISER - May/June 2020 - 2
PLANADVISER - May/June 2020 - 3
PLANADVISER - May/June 2020 - 4
PLANADVISER - May/June 2020 - 5
PLANADVISER - May/June 2020 - 6
PLANADVISER - May/June 2020 - 7
PLANADVISER - May/June 2020 - 8
PLANADVISER - May/June 2020 - 9
PLANADVISER - May/June 2020 - 10
PLANADVISER - May/June 2020 - 11
PLANADVISER - May/June 2020 - 2020 PLANADVISER DCIO Survey
PLANADVISER - May/June 2020 - 13
PLANADVISER - May/June 2020 - 14
PLANADVISER - May/June 2020 - 15
PLANADVISER - May/June 2020 - 16
PLANADVISER - May/June 2020 - 17
PLANADVISER - May/June 2020 - 18
PLANADVISER - May/June 2020 - 19
PLANADVISER - May/June 2020 - All That Goes Into a Practice
PLANADVISER - May/June 2020 - 21
PLANADVISER - May/June 2020 - 22
PLANADVISER - May/June 2020 - 23
PLANADVISER - May/June 2020 - Compliance When It's Tough
PLANADVISER - May/June 2020 - 25
PLANADVISER - May/June 2020 - 26
PLANADVISER - May/June 2020 - 27
PLANADVISER - May/June 2020 - A Case For Both
PLANADVISER - May/June 2020 - 29
PLANADVISER - May/June 2020 - The Alternative Workplace
PLANADVISER - May/June 2020 - 31
PLANADVISER - May/June 2020 - 32
PLANADVISER - May/June 2020 - 33
PLANADVISER - May/June 2020 - Damage Control in a Downturn
PLANADVISER - May/June 2020 - 35
PLANADVISER - May/June 2020 - 36
PLANADVISER - May/June 2020 - An Uptick in Customer Arbitration?
PLANADVISER - May/June 2020 - Client Relationship Summary
PLANADVISER - May/June 2020 - Evaluating Reg BI Compliance
PLANADVISER - May/June 2020 - 40
PLANADVISER - May/June 2020 - Cover3
PLANADVISER - May/June 2020 - Cover4
https://www.planadviserdigital.com/planadviser/winter_2023
https://www.planadviserdigital.com/planadviser/fall_2023
https://www.planadviserdigital.com/planadviser/summer_2023
https://www.planadviserdigital.com/planadviser/industryleader_2023
https://www.planadviserdigital.com/planadviser/spring_2023
https://www.planadviserdigital.com/planadviser/november_december_2022
https://www.planadviserdigital.com/planadviser/september_october_2022
https://www.planadviserdigital.com/planadviser/july_august_2022
https://www.planadviserdigital.com/planadviser/may_june_2022
https://www.planadviserdigital.com/planadviser/industry_leader_awards_2022
https://www.planadviserdigital.com/planadviser/march_april_2022
https://www.planadviserdigital.com/planadviser/january_february_2022
https://www.planadviserdigital.com/planadviser/november_december_2021
https://www.planadviserdigital.com/planadviser/september_october_2021
https://www.planadviserdigital.com/planadviser/july_august_2021
https://www.planadviserdigital.com/planadviser/may_june_2021
https://www.planadviserdigital.com/planadviser/march_april_2021
https://www.planadviserdigital.com/planadviser/january_february_2021
https://www.planadviserdigital.com/planadviser/november_december_2020
https://www.planadviserdigital.com/planadviser/september_october_2020
https://www.planadviserdigital.com/planadviser/july_august_2020
https://www.planadviserdigital.com/planadviser/may_june_2020
https://www.planadviserdigital.com/planadviser/march_april_2020
https://www.planadviserdigital.com/planadviser/january_february_2020
https://www.planadviserdigital.com/planadviser/november_december_2019
https://www.planadviserdigital.com/planadviser/september_october_2019
https://www.planadviserdigital.com/planadviser/july_august_2019
https://www.planadviserdigital.com/planadviser/may_june_2019
https://www.planadviserdigital.com/planadviser/march_april_2019
https://www.planadviserdigital.com/planadviser/january_february_2019
https://www.planadviserdigital.com/planadviser/november_december_2018
https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
https://www.planadviserdigital.com/planadviser/january_february_2018
https://www.planadviserdigital.com/planadviser/november_december_2017
https://www.planadviserdigital.com/planadviser/september_october_2017
https://www.planadviserdigital.com/planadviser/july_august_2017
https://www.nxtbookmedia.com