Archived Insight | June 9, 2020
Balancing the need to combat short-term fires — such as during the COVID-19 crisis — without inadvertently creating adverse longer-term consequences is always a challenge for many management areas of focus, including the stewardship of pension plans. Under the adage of “first, do no harm,” it’s important not to lose sight of the long-term strategies when addressing short-term crisis-fighting tactics.
Furthermore, it’s important to identify opportunities from the current crisis that could pay dividends to the plan well into the future.
Some questions you might ask about your plan and whether there are actions that could be taken include:
Under any of these scenarios, it is important to analyze both the short and long-term implications to help you to make the best decisions for your plan and for your organization, and to allow you to efficiently administer any changes you ultimately choose to implement.
Given the challenges almost all organizations are facing, the pension plan should not be adding to your financial concerns. There are steps that can be taken now to ease the burden and to diminish the stress over the unpredictability of the future.
Our consulting professionals have the experience, skills, tools and resources to predict the short-term and long-term ramifications each potential action will have on your plan. We can work with you to help you determine which actions will have the impact that best matches your immediate needs and serves your long-term goals.
This page is for informational purposes only and does not constitute legal, tax or investment advice. You are encouraged to discuss the issues raised here with your legal, tax and other advisors before determining how the issues apply to your specific situations.
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