CHRO is working with impacted employees, consulting with financial advisors to protect 401(k) assets
The collapse of Silicon Valley Bank poses a threat to employers across the United States who may face penalties for late payment of wages.
“We’ve engaged our payroll provider to audit our employees’ direct deposit records, and have identified three employees who bank with the two most recently collapsed banks and are working with our employees on a plan forward,” Diane Dooley, CHRO at World Insurance Associates LLC, told HRD.
“In addition, and in consideration of a cascading effect, we’re consulting with our financial advisors to ensure our employees’ 401(k) assets are protected as well.”
On March 8, Silicon Valley Bank announced it desperately needed to raise more capital after suffering a $1.8 billion after-tax loss, CNBC reported.
Two days later, after so many customers withdrew their funds that the Santa Clara, CA-based firm was unable to meet the demand, the 16th largest bank in America was shuttered, becoming the second largest bank failure in U.S. history. As a result, the Federal Deposit Insurance Corporation (FDIC) took over the bank to ensure customers would have access to their money by March 13.
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