At the same time, more demand for financial advice has many retirement plan advisers looking to stay in the business
The prescheduled phase-out of the coronavirus disaster declaration had created a ‘compliance conundrum,’ which the DOL has now addressed by issuing additional guidance.
As an example, if a plan sponsor has not yet started tracking part-time employees to see whether they accumulate 500 hours of service in 2021, they should begin doing so immediately.
The COVID-19 pandemic has added to the burden many caregivers bear.
Some say they are returning to the office on a very limited basis to maintain space between individuals.
The slow but steady distribution of coronavirus vaccines in the U.S. and other developed nations is also having a favorable impression on the equity markets, but serious risks remain.
Since winning the 2019 PLANSPONSOR Retirement Plan Adviser Mega Team of the Year award, Bukaty Companies Financial Services was acquired by employee benefits giant OneDigital, greatly expanding the services it can now offer clients.
The lingering question is what speed the recovery will take.
It also provides a way for retirement plan sponsors to avoid a partial plan termination.
Many have dipped into their retirement savings, and some have even stopped or cut back on their contributions.
More than half have experienced one or more negative impacts to their employment.
Virtual meetings and more personalized financial wellness programs are expected to continue.
The firm is also offering a 90-day trial period of its managed account solution to retirement plan participants.
Prudential survey finds employees were looking for financial advice and emergency assistance.