hardship distribution

Hardship Withdrawals: New Year, New Rules
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This past November, the IRS issued proposed regulations to effectuate changes made for hardship withdrawals in the Bipartisan Budget Act of 2018. Comments were due by Jan. 14, 2019. Although the statutory changes are effective beginning in 2019, the proposed regulations do not require any changes in how hardships are administered until 2020. Plan documents  Read More →
Improper Handling of Hardship Distributions May Result in Significant Problems
Team SummitEmployer Resource Center, Plan Operations & AdminComments are off for this post
storm clouds
These days, many plans are experiencing an uptick in the number of participant requests for hardship distributions. Much of this increased activity may be attributed to our prolonged and tepid economic recovery. As these requests are considered, you want to be sure not to act to the detriment of your plan. Improper handling of hardship  Read More →

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