Defined Contribution Plans, Emergency Funds and COVID-19
As part of its ongoing effort to provide useful information on COVID-19, the Society of Actuaries (SOA) recently launched a series of reports exploring the impact of COVID-19 on retirement risks. This report is based on a follow-up conversation among actuaries from the SOA Retirement Section Council and the Retirement Section Defined Contribution Initiative Project Oversight Group. The actuaries that participated are currently working with plan sponsors of defined contribution plans in the United States and Canada. This report summarizes observations raised during the conversation about the current issues being discussed with clients to deal with immediate concerns as well as broader considerations about defined contribution plans, emergency funds and financial wellness.
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