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Plan Defends Valuation of Accounts in Midst of COVID-Related Market Volatility

By Lindsey H. Chopin on August 12, 2020
Posted in 401(k) plan, coronavirus, covid-19, defined contribution, ERISA Plan Administration, Fiduciary duties, Plan Administrator, special valuation

A 401(k) plan and its administrators are defending the administrator’s decision to require a special valuation of former employees’ account values, given extraordinary market changes due to the COVID-19 pandemic.  Under the terms of the plan at issue, when a former employee seeks a distribution of his or her plan account, the account is typically…

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