b'Business ManagementPandemic Heightens Need for Retirement PlanningBy Joanne Sammer, Freelance Writer, SHRM HR NewsT heCOVID-19pandemicIn the best of times, retirement planning is an haswreakedhavoc,intimidating topic, said David Fairburn, associate even on retirement plans.partner in retirement solutions practice with consulting While the Coronavirus Aid, Relieffirm Aon in Los Angeles. Employees have more and Economic Security (CARES)immediate concerns, and it can be hard for them Act provided important financial relief by allowingto take action if the topic feels too overwhelming.people to withdraw or borrow more money from theirHere are four areas where retirement planning retirement plans without penalty, the negative effectexperts advise fresh thinking to help workers save of these withdrawals on future retirement income isfor their golden years.likely to be significant. HelpEmployeesSaveforEmergenciesand Given the ongoing volatility in the financial markets,Retirementchances are good that plan participants needs willThepandemicshowedhowat-riskretirement keep changing. The challenge for employers is tofunds are, as financially strapped retirement plan find ways to make sure retirement planning feelsparticipants withdrew money from their 401(k) plans accessible and relevant to employees. to pay their bills. Employees who earn good salaries 38 www.mrca.orgMidwest Roofer'