Defined Benefit Plans and COVID-19: Immediate Challenges for Plan Sponsors
This report is based on a follow-up conversation among actuaries from the Retirement Section Council and the Retirement Section Research Committee who are currently actively working with defined benefit plans in the United States and Canada. This report summarizes observations raised during the conversation about current issues being discussed with clients to address immediate concerns as well as broader considerations about defined benefit plans. Its primary purpose is to assist defined benefit plan actuaries and plan sponsors with these issues and to stimulate further thinking and inform readers on how COVID-19 may reshape retirement in the future.
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