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Reducing DC Plan Costs During Financially Challenging Times There are several options for changing benefits and shifting costs, and proper communications can help avoid participant backlash. Reported by Art by Andrea D Aquino Plan sponsors’ businesses might have suffered financial setbacks because of the COVID-19 pandemic. To cut costs, some might feel they have no other choice but to terminate their defined contribution (DC) retirement plan. However, there are other ways to reduce the cost of DC plan administration without terminating the plan. Gregg Levinson, senior director of retirement at Willis Towers Watson, says the first option is to suspend employer contributions while still allowing employees to make deferrals into the plan. “Plan sponsors can work with providers to enhance participant support and access to financial management tools to make up for the loss of employer contributions,” he says. “Sponsors could also tell participants, ‘Your ....