Can Employer Contributions to 403(b) Custodial Accounts Be Distributed for Hardships?
Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.
Tag: hardship withdrawals
How Does the New Distribution Provision for Terminal Illness Work?
Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.
Inflation, Credit Card Debt Drives Up 401(k) Loans, Hardship Withdrawals
Empower’s annual report mining data from 5.3 million workplace plan participants shows saver strains amid ‘steady’ deferral rates.
Hardship Withdrawals Rose 36% Year-Over-Year in Q2
Bank of America participant analysis shows more employees prioritizing short-term expenses over long-term saving.
Retirement Contributions, Hardship Distributions Both Increased in Q1
Despite the markets dragging down retirement account balances, a snapshot of early-2023 activity shows workers still saving.
Retirement Contributions Break Records in 2021
Retirement contribution rates reached record highs, with combined worker and employer contributions equal to 13.9% of pay in 2021, new...
Retirement Reform Moves Forward in the Senate
The Senate now has two bills out of committee that will have to be reconciled with a companion House bill...
Connecting Student Loan Debt, Inflation and Retirement Saving
Workers’ short-term financial worries about student loan debt and job security can derail retirement planning.
Fraudulent Hardship Withdrawals Draw Grand Jury Ire
A federal court has denied a defendant’s motion to dismiss a lawsuit in which he is accused of committing wire...
Benefits |
Essentials to Limit Loans and Hardship Withdrawals
Plan sponsors should educate their employees about distributions, and they can help their workers set up emergency savings accounts to...
Despite Challenging Year, CRDs and Plan Leakage Were Sparse
Recordkeepers say they saw low uptake for coronavirus-related distributions and loans, a stark contrast from what was predicted when the...
IRS Makes More People Eligible for CARES Act Distributions and Loans
Notice 2020-50 expands the definition of who is a qualified individual to take into account additional factors such as reductions...
Lessening the Impact on Retirement Savings of Taking a Hardship Withdrawal
Following rule changes plan sponsors still have discretion over limiting the amount of hardship withdrawals and participants can continue to...
The Shifting Mechanics of Hardship Withdrawals
In a new Snapshot publication, the IRS offers a detailed review of the shifting regulatory provisions applying to pre-retirement hardship...
Jump in Hardship Withdrawals Tied to Bipartisan Budget Act
The law changed the rules for 401(k) loans and hardship withdrawals, making it easier to draw money directly as a...
Participants Stay the Course With Their DC Plans
In the first three quarters of 2018, only 2.2% of participant stopped contributing to their plans, ICI data shows.
The Perils of Ignoring Participant Complaints
If a plan sponsor fails to respond, they could face a civil and/or DOL lawsuit
(b)lines Ask the Experts – Must Participants Take All Other In-Service Distributions Before a Hardship?
“Our 403(b) non-electing church plan offers safe-harbor hardship distributions. The plan also offers in-plan distributions of rollover contribution balances and...
Hardship Withdrawal Safe Harbor Covers Tuition, But Not Loan Repayments
Plans which permit non-safe harbor hardship distributions could theoretically approve a participant’s hardship distribution request for the repayment of student...
Products |
New Guide for 403(b), 457 Plans from NTSA
The guide includes information on rollovers, loans, hardship withdrawals and much more.