As the impact of the COVID-19 virus continues to become more evident in the U.S., we want you to know what our consulting team at Multnomah Group has been working on to ensure our clients' organizational needs are being met.
- Our Investment Committee has been developing participant appropriate communication messaging related to retirement benefits – Whether or not a client's working conditions have been impacted by COVID-19 to date, participants are experiencing extreme market volatility at a time where they may already be experiencing general anxiety regarding the spread of the virus.
- Training and investment on remote meeting capabilities – For the last several years, more of our clients with committee members from across the country have conducted their meetings virtually. Our team has experience in delivering a similar committee meeting experience for organizations that are restricting travel or requesting that employees work from home.
- Electronic voting – In the industries and geographies where the COVID-19 virus has been most impactful, it may be difficult to staff Committee meetings relative to other organization priorities. In the event a client's retirement plan has issues that may require committee action when a meeting may not be possible, we will solicit and track votes on behalf of the Committee so that the plan may continue to operate efficiently.
- Increased technical support – COVID-19 has put increasing pressure on our HR partners as they address remote worker concerns, additional health resources, and other related impacts. Our consultants and retirement plan analysts, with the support of the Technical Services Committee, will be reviewing all client engagements with a mind toward identifying any time-sensitive plan operation issues that may arise during this period of stress. We will work to ensure that any material operational issues are elevated and addressed so our clients can continue to focus on any dynamic issues caused by the virus.
We appreciate our clients' partnership and take seriously our role in helping secure the financial health of their employees and participants.