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As we've been talking (virtually of course) to retirement plan administrators, one thing is clear: the waters are choppy at best, but employers have to be ready for a storm like we've never seen before.

I've presented to several groups over the past few weeks and we talked about retirement, 401(k), and health care benefit issues and everyone had plenty of questions. Our main message to employers is based around thinking about participants. Retirement plan participants have likely never had more challenges on their minds. Just a few items on the list people are thinking and worrying about include:

• Mental and physical health
• Job security
• The ability to meet expenses
• Social isolation
• Communication and engagement

And there are many, many more.

As the country strives to return to its workplaces, in addition to ensuring a safe place for employees to work, employers will want to do all they can to lay out a roadmap for financial wellness and peace of mind for their employees.

Communicating with two kinds of participants

Employees who participate in qualified plans generally fall into two categories: the do-it-for-me investors and the self-director investors. Employers need to provide information that allows both categories of investors to navigate in as smooth a fashion as possible. Here are some of the messages we're recommending to send to employees.

The do-it-for-me investor

Avoid rash, emotional decisions. Timing the market rarely works and the answer is rarely an extreme action.

Assess whether the strategy you are using now suits you. How did you arrive in the current spot? If you made a proactive election, does it still match your risk profile and expectations? If you're not sure, consult with your plan advisor. If you were defaulted into your strategy, this might be the best time for a new risk profile and a conversation with your advisor.

Become better informed. Make sure you have a solid understanding of your plan; how is your current strategy supposed to perform during challenging market times?

Commit to your strategy. That commitment will help avoid rash decisions. Understand your portfolio is being managed by an investment professional or trustees in a manner that is consistent with what you have selected.

The self-directors

For what we call "self-directors," employees who are using the core investment menu to build and manage their own investment mix, the messages are slightly different.

Review your current investment strategy. How is your account allocated? What investments are you holding? Think about why you arrived at that strategy. Did you perhaps make those decisions based on the funds' prior performance alone? Did you use a method to assess your personal risk tolerance at the time? Are you aware of whether your current investment mix provides your desired downside protection and upside opportunity?

This might be the time to consider more do-it-for-me options. Find out if your plan offers age-based target date funds and/or risk-based portfolios. This is actually the perfect time to talk to your plan advisor or education team member.

Commit to your strategy. Once again, avoid rash decisions. If you decide to continue to self-direct, bear in mind you need to carefully monitor your account, consider ongoing changes and determine action steps about any rebalancing that needs to happen.

Remember employer fiduciary duties

At the same time, employers have to remember their own fiduciary duties. There are multiple options for companies within the CARES Act and understanding the options is challenging but important for employers.

Employers must keep in mind all of the duties of a fiduciary:

• Loyalty
• Prudence
• Diversification of investments
• Following the plan's terms
• Monitoring service providers

All of those duties apply during a crisis. Litigation has already surfaced that shows this to be true, and economic indicators show that the potential for litigation may get worse.

We're providing a recommended list of best practices for trustees which includes the following:

• Hold a trustee review
• Evaluate service providers
• Conduct brainstorming sessions about employee needs

So, although we haven't seen these kinds of waters before, there are some navigational tools that should allow both employees and their employers to stay on course in the coming weeks and months.

Matthew Eickman, J.D., AIF is the national retirement practice leader for Qualified Plan Advisors.