Managing Partner Jim Scheinberg recently spoke with PLANSPONSOR on steps plan sponsors can take to ensure their plans are ready to meet participants’ needs and fiduciary obligations in 2021.
“Employers are looking to the new year with hopes for a stronger 2021, both for their businesses in general and for their retirement plans.
While COVID-19 has been the dominant force affecting nearly every aspect of life this year—including retirement plans—expert sources say retirement plan legislation, litigation, education and a push for diversity in and outside of plans were the other big takeaways of this year for the industry, as well as what will shape financial wellness going into the new year.
Jim Scheinberg, managing partner, founder and chief investment officer (CIO) at North Pier Search Consulting, says many of the new terms and plan features from the Coronavirus Aid, Relief and Economic Security (CARES) Act had a big effect on employers and their participants, especially for those in the hospitality and travel workforces. Some employers opened up their plans to allow participants to take out larger distributions or loans to help them with any financial hardship they faced as a result of the coronavirus pandemic….”