Insights | 08.04.20
As Pandemic Rolls On, Some Employers Reinstate Matches
A new survey analysis from Ascensus finds its predominantly small business retirement plan clients are showing "encouraging signs" of recovery from the COVID-19 pandemic. In the first few months of the COVID-19 outbreak, Ascensus reported a relatively small percentage of its retirement plan clients had stopped making contributions due to business interruptions. As of the end of June, most of these plans had begun submitting contributions once again. “Additionally, the most striking month-over-month improvements were seen among the smallest businesses and within industries that we previously reported as having the most significant drop-off in contribution activity,” Ascensus says. “These plans do continue to see reduced amounts of employer contributions and/or less savers making contributions overall, but the fact that they are once again actively contributing represents a step in the right direction.”
Read the full article on PlanAdviser.com.