Employers Could Terminate Your 401(k) Plan Due to COVID-19. What to Do if It Happens.
The coronavirus pandemic has essentially brought the economy to a standstill, causing thousands of businesses to close their doors and resulting in millions of layoffs. The organizations that are fortunate enough to stay open have also faced challenges, many of them experiencing cash flow problems as more Americans are asked to stay home.
As a result of these budget strains, some organizations have opted to slash employee benefits, including 401(k) plans. While some companies have simply suspended employer-matching contributions, others have decided to terminate their plans altogether to save money. Here's what to do if that happens to you.
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Source Fool.com
