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November 8th, 2022
Information & Insights for the 403(b) Community
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Ask the Experts
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What Kind of Payments Can a Hardship Request Cover When Buying a Home?
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We are a large healthcare provider that sponsors a 401(K) plan for our employees. I read your recent Ask the Experts column on the 401(k) rules for hardship distributions, which stated that one of the expense categories that constitutes an “immediate and heavy financial need” for hardship distribution purposes is “Costs directly related to the purchase of a principal residence for the employee (excluding mortgage payments)”. My question is: can a hardship request to cover costs directly related to the purchase of a principal residence for the employee include payoff of outstanding debts if that is what is required for the participant to qualify for the mortgage loan?
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Exploring ESG Investing Conference
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Join us Thursday, November 10, for a virtual conference to learn about regulations for environmental, social and governance investing in retirement plans; the debate over whether ESG factors are financial/performance factors; and what allocators, plan sponsors and advisers should consider when deciding whether and how to use ESG investments.
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