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In the wake of the COVID-19 pandemic and the resulting economic uncertainty, many small employers are faced with decisions that could have significant impacts on their employer-sponsored retirement plans. While some have had to resort to outright layoffs, many employers are turning to unpaid leaves of absences and furloughs as a way to scale back on costs temporarily while maintaining a connection to employees they will rely on once they are able to restart normal business operations.
Layoffs, indefinite unpaid leaves of absence and furloughs can present complex administrative issues for many common employee-sponsored retirement plans. Download the document to learn about the two ways furloughs and layoffs could impact 401(k) plans.
