hardship

Q1 Fiduciary Hot Topics
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
As we move into the new year, we are sure to see many new developments in the retirement plan landscape. Read on for a snapshot of current and significant litigation and regulatory updates. New Guidance from the Department of Labor Eases Restrictions for Compensating Investment Professionals Who Advise Plan Participants and IRA Holders A Prohibited  Read More →
The CARES Act: Summary of Key Provisions for Individuals
Team SummitBudgeting & Debt, Employee Financial Resource Center, Employee Outcomes, Employer Resource Center, Financial Planning, Retirement PlanningComments are off for this post
On March 27th, Congress passed and the President signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, marking the largest economic stimulus package the U.S. has seen to date. In addition to the $2 trillion allocated toward immediate healthcare needs and emergency lending to businesses, states, and municipalities, various provisions were passed  Read More →
Hardship Withdrawals: New Year, New Rules
Team SummitEmployer Resource Center, Plan Operations & AdminComments are off for this post
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 →

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