Working with distressed plans has always been a part of an EBP professional’s practice. Since March, however, the pandemic and related economic disruption have caused it to be a much larger piece of that practice. During this session, we will discuss the questions that frequently arise when dealing with distressed plans such as issues in plan terminations, what happens when a company goes through bankruptcy, dealing with underfunded defined benefit plans, how to change a matching contribution mid-year, pitfalls of discontinuing a safe harbor contribution, etc. Additionally, we will discuss alternatives available to plan sponsors in these stressful economic times to save cash and increase liquidity.
Identify the issues involved with distressed plans and how to address those issues
Explore opportunities to reduce cash expenditures related to retirement plans
Recognize how to avoid employer-sponsored retirement plan pitfalls that can cost businesses cash