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November 13th, 2018

IRS Proposes Amendments to Hardship Withdrawal Regulations

Among other changes, if the proposed rules are finalized, there would be no more suspension of deferrals after a hardship withdrawal or requirement to take a loan before one. The IRS explains why not all changes will apply to 403(b) plans.Read more >

Wealthier Participants Say They Don’t Need RMDs for Living Expenses

While 88% of high-net-worth consumers between the ages of 65 and 75 are familiar with required minimum distributions (RMDs), 80% say they will not need this money for day-to-day living expenses, according to the new “RMD Options Study” by Allianz Life. They want to find other ways to use RMD payments.Read more >
Suspending Mandatory 403(b) Contributions After a Hardship Withdrawal
“Our 403(b) plan has elective deferrals AND a mandatory employee contribution that is a condition of employment. I know that I need to suspend the elective deferrals after a hardship withdrawal, but what about the mandatory contributions?”Read more >

Public Sector Employees Want Customized Benefits

Employees in the public sector want customized benefits, according to a new report from MetLife. Their employers are also more likely than their peers to offer a full range of benefits. For example, 41% of public-sector employers offer a pension plan, compared with 16% of their private peers.Read more >

VALIC Appoints New Business Development Vice President

VALIC has named Bill Abramowicz as vice president of business development for the Midwest region. Before joining VALIC, Abramowicz served as a government relations team leader and managing director at MassMutual.Read more >

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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