Our country faced many challenges in 2008 – recession, high unemployment, mortgagedefaults, declining home values, credit crisis, bank failures, governmentbailouts, extreme oil price volatility, Ponzi schemes, etc.These events may have also changed many people’s perception ofretirement plans as Americans lost over $1 trillion in the value oftheir 401(k)s in 2008.
The outlook for 2009 does not look much better as we try to recoverfrom this economic turmoil. However, many Americansstill have reasons for hope. In tough times like these, many businesses are faced with harddecisions. Many organizations are carefully reconsidering almostevery fundamental aspect of their retirement plans such as expenses,benefits, investments, design and administration. Manyhave already decided to make the hard decision to suspend theiremployer contributions to retirement plans.
Before making any of your owntough decisions, please feel free to contact me if there is anythingyou would like to discuss – even if it’s not about retirement plans.Please also see our newsletters for more information about changes and updates in, Cafeteria Plans, Benefit Plans 401k, 401a , Roth IRAs and Defined Benefit Pension Plans
- Scott Lusher
Lawrence & Pearson Associates
