The worldwide crisis has created major financial challenges for employees who have been furloughed or had their hours reduced. Participant 401(k) accounts are facing record investment losses, and sponsors are facing an extraordinary demand for withdrawals/loans to help participants make ends meet. We discuss some options and considerations for sponsors in maneuvering through the complex legal considerations in helping participants cope.
Groom Law Group will host the, “Helping Your 401(k) Participants Weather the Economic Storm,” webinar on Tuesday, March 31 at 2:00 p.m. ET where we will cover a range of topics that include:
- Participant disclosures and education
- Providing liquidity – expanding loans and hardship withdrawals
- Reviewing and monitoring investments
