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July 16, 2020 02:30 PM

Most plan sponsors keep match formulas unchanged amid pandemic – survey

Rob Kozlowski
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    Slightly less than 1 in 4 defined contribution plan sponsors have changed their match formulas in the wake of the COVID-19 pandemic, according to a survey from investment consultant NEPC.

    In the survey of 105 defined contribution plan clients of NEPC, 23% said they have changed the formulas of their matching contributions or suspended them since the pandemic's outbreak earlier this year.

    A significant majority, 77%, said they do not plan to change their formulas.

    When asked what percentage of plan participants have made a pandemic-related distribution under the provisions of the CARES Act, 72% of respondents said none to 4.9% of participants have made such a distribution, 7% said 5% to 14.9% of their participants, and 2% said 15% to 25% of their participants.

    Nineteen percent of respondents said they did not adopt the distribution provision.

    When asked whether those distributions would increase in the remainder of 2020, 47% said they expected them to increase somewhat, while 33% said they did not expect them to increase and 2% said they expected to see them increase significantly.

    When asked whether their current investment menu is working, 90% said yes. When asked whether the current economic climate has reinforced the need for products that can guarantee some level of income, 68% said yes.

    NEPC surveyed 105 corporate, health care, public and union DC plan clients. Half of respondents oversee plans with more than $1 billion in assets.

    See more of P&I's coverage of the coronavirus
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