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June 7th, 2022 Information & Insights for the 403(b) Community Senators to Propose Retirement Bill Tackling Emergency Savings Murray and Barr bill would address retirement and emergency savings. States Stepping Up With Private Retirement Savings Plans New offerings aim to benefit the estimated 57 million U.S. workers who do not have access to employer-sponsored plans. Ask the Experts Should a Rehired Employee Be Allowed to Withdraw a Prior Account Balance? "We recently rehired an employee who, when he left us about two years ago, chose to leave his account balance in our 403(b) plan, as our plan allows former employees to leave their assets in the plan if the balance exceeds $5,000, which it did in this case. Now that he is back with us, he wants to withdraw his prior account balance, since he claims that the balance can be withdrawn due to his prior termination. But, since he is here now, and our plan does not allow for in-service distributions except for attainment of age 59.5 or financial hardship (neither of which apply in this case), should we deny his distribution claim?" Webinar: Managing the DC Plan Investment Menu Longevity risk has received increased attention from the government, the retirement industry and workers, but solutions have yet to be widely implemented. Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 300, Rockville, MD 20850