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The precipitous drop in the stock market due to the spread of the Coronavirus and the resulting business slowdown are disrupting everyone’s personal and financial lives. Our health, and that of our families and friends, is paramount. However, these events are also affecting the financial security of participants in 401(k) plans and the responsibilities of the owners and officers of companies that sponsor 401(k) plans.
This article offers ideas for financial professionals to help plan sponsors fulfill their fiduciary responsibilities and embrace best practices in these turbulent times.
The views expressed here are those of Fred Reish. They should not be construed as investment advice or as the views of Hartford Funds or the employees of Hartford Funds. They are based on available information and are subject to change without notice. The information above is intended as general information and is not intended to provide, nor may it be construed as providing, tax, accounting or legal advice. As with all matters of a tax or legal nature, please consult with your tax or legal counsel for advice. This material and/or its contents are current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Fred Reish.
Fred Reish is an ERISA attorney whose practice focuses on fiduciary responsibility, retirement income, and plan operational issues. He has been recognized as one of the “legends” of the retirement industry by both PLANADVISER magazine and PLANSPONSOR magazine.
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