PLANSPONSOR - October/November 2020 - 17
COVER STORY
TIMETO TAKE
STOCK
How we got here, and 5 action steps
to a more promising future
IT HAS BEEN A CHALLENGING YEAR to be an employer-and a retirement
plan fiduciary. What has changed about being a fiduciary? " I think the simple
takeaway for plan sponsors is to figure out how to do what you need to do-
recognizing that we're all doing the best we can, under the circumstances, " says
David Levine, co-chair of the employer-focused practice at Groom Law Group,
Chartered, in Washington, D.C. So, for example, that means holding committee
meetings virtually, rather than waiting until they can be held in person again.
But, fundamentally, plan fiduciaries' responsibilities remain the same. " In
the end, ERISA [Employee Retirement Income Security Act] doesn't say, when
COVID-19 hits, the rules don't apply, " Levine says. " When push comes to shove,
your responsibilities and duties don't change much. So, focus on what you really
have to deal with now. "
Besides keeping up with fundamentals such as investment reviews and
provider monitoring, this is a good time for sponsors to take a look at how
their plan and participants fared this year. Several key types of data can help.
" Plan sponsors can take this data and say, 'We now know how participants are
reacting and how some people overreacted to the situation,' " says Rob Austin,
head of research at Alight Solutions in Charlotte, North Carolina. That reflection
can help create a road map for how to move forward in 2021. Consider these
five types of data points.
Art by Katherine Streeter
Art by Wenting Li PLANSPONSOR.COM October - November 2020 17
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PLANSPONSOR - October/November 2020
Table of Contents for the Digital Edition of PLANSPONSOR - October/November 2020
Time to Take Stock
2020 DC Survey: Plan Benchmarking
Dangers of Debt
Everyone Has a Stake
ESG Across Asset Classes
'Onboard' Education
PLANSPONSOR - October/November 2020 - Cover1
PLANSPONSOR - October/November 2020 - Cover2
PLANSPONSOR - October/November 2020 - 1
PLANSPONSOR - October/November 2020 - 2
PLANSPONSOR - October/November 2020 - 3
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PLANSPONSOR - October/November 2020 - 15
PLANSPONSOR - October/November 2020 - Time to Take Stock
PLANSPONSOR - October/November 2020 - 17
PLANSPONSOR - October/November 2020 - 18
PLANSPONSOR - October/November 2020 - 19
PLANSPONSOR - October/November 2020 - 2020 DC Survey: Plan Benchmarking
PLANSPONSOR - October/November 2020 - 21
PLANSPONSOR - October/November 2020 - 22
PLANSPONSOR - October/November 2020 - 23
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PLANSPONSOR - October/November 2020 - 25
PLANSPONSOR - October/November 2020 - 26
PLANSPONSOR - October/November 2020 - 27
PLANSPONSOR - October/November 2020 - Dangers of Debt
PLANSPONSOR - October/November 2020 - 29
PLANSPONSOR - October/November 2020 - Everyone Has a Stake
PLANSPONSOR - October/November 2020 - 31
PLANSPONSOR - October/November 2020 - ESG Across Asset Classes
PLANSPONSOR - October/November 2020 - 33
PLANSPONSOR - October/November 2020 - 'Onboard' Education
PLANSPONSOR - October/November 2020 - 35
PLANSPONSOR - October/November 2020 - 36
PLANSPONSOR - October/November 2020 - 37
PLANSPONSOR - October/November 2020 - 38
PLANSPONSOR - October/November 2020 - 39
PLANSPONSOR - October/November 2020 - 40
PLANSPONSOR - October/November 2020 - Cover3
PLANSPONSOR - October/November 2020 - Cover4
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