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Choosing which is worse, the COVID-19 pandemic or the Great Recession of 2008 is like being asked to choose between having a root canal or a colonoscopy. They are both awful but they are awful in different ways. In terms of retirement plans though, it is certainly worth asking the question: how have these disasters impacted companies and their contributions to their retirement plans and what has been their impact on plan participants? Are participants taking loans and cashing in their 401(k)’s or are they being patient and, if they are still employed and earning a paycheck, holding off on taking plan loans and distributions?
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