Recordkeepers have adapted their services this year, with the coronavirus pandemic gripping the world, to offer more remote counseling and training for retirement plan participants. And many plan sponsors with remote workforces, or with employees who work multiple shifts, are beginning to realize that this convenience can be critical for their workers on an ongoing basis. It can also mean that plan sponsors who are available virtually are able to serve more participants through the tools and services in their plan than they could in person, which can be limiting.
Michael Knowling, vice president and head of client relations and business development at Prudential Retirement, notes that when Prudential first offered virtual training to its retirement plan sponsor clients last year, 25% of participants participated in these programs. Since March of this year, when then virus started sweeping across the U.S., the uptake has been 100%, he says.
“This year has not been like anything anyone could have predicted,” Knowling says. “It has produced uncertainty in every. . .