Healthcare Trends: How healthcare employers are adjusting retirement plans during the pandemic
Medical professionals across the U.S. are making extraordinary sacrifices every day as they serve on the front lines of the coronavirus crisis. But in addition to protecting their patients, healthcare workers are also concerned about protecting their retirement savings during a period of extreme market volatility.
At the same time, as Empower Retirement research reveals, healthcare employers are also trying to adapt to these uncertain times.
Insight from a recent survey highlights how healthcare clients are altering their approach during the COVID-19 outbreak compared with other sectors. Overall, healthcare employers are considering more plan design changes across the board — whether related to the
Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or otherwise.
- The majority of healthcare clients have adopted certain provisions in the CARES Act to help their employees.
- Some healthcare employers have reduced their company match or delayed their non-discretionary contributions.
- Workers are looking for guidance from their employer when it comes to managing their retirement account.
- Empower is supporting healthcare clients by hosting virtual meetings.
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As the latest insight from Empower suggests, government retirement plans are doing their best to fight COVID fatigue, too.
Data shows most plan participants want to avoid taking money out of their retirement accounts.
Employers can better understand workers’ needs by studying their past experiences and personal backgrounds.