This episode is a great example of how competitive the 401k industry has become over the past several years, and why plan sponsors need to keep their plans up to date with consistent benchmarking exercises.

The global pandemic and resulting market crash and job losses were a stark reminder of how ill prepared most American workers were in an emergency. For companies that offer 401(k) plan, having a robust financial wellness program in place can often help employees deal with this type of financial stress.

Normally the show topics are evergreen, but Will, Jay and Josh all felt that with a possibly historic election just days away, they would record some of their thoughts before the final outcome is known.

In this episode, Josh and Jay provide context to the updated Electronic Disclosure Rule, particularly around how significantly technology and electronic communications have changed since the rule was first introduced in 2002.

The CARES Act permits a “coronavirus-related distribution” of up to $100,000, with favorable tax treatment, but employers across the country have struggled with this. Some implemented it; some are dead set against it, and some are taking a wait and-see approach.

Retirement plans experienced a monumental shift from the days of the company taking care of it’s employees' retirement needs, both in the accumulation phase and distributions in retirement, to current day where many plans are self directed and require the plan participant to make investment and withdrawal decisions on their own.