In the first three quarters of 2018, only 2.2% of participant stopped contributing to their plans, ICI data shows.
Tag: hardship withdrawals
(b)lines Ask the Experts – Must Participants Take All Other In-Service Distributions Before a Hardship?
Plans which permit non-safe harbor hardship distributions could theoretically approve a participant’s hardship distribution request for the repayment of student loans, but those relying on the safe harbor cannot.
The guide includes information on rollovers, loans, hardship withdrawals and much more.
Among other things, the bill allows for hardship withdrawals from more contribution types.
The damage is worse for younger workers, as their savings time horizon is longer than older workers.
Data shows that only 20% of people 65 and older were in the workforce in 2016, yet 56% of workers plan to continue to work, at least part-time, in retirement due to inadequate savings, the Transamerica Center for Retirement Studies found.
The guidance for ERISA retirement and health plans follows relief provided by the IRS.
The IRS is loosening hardship withdrawal and loan rules, and the DOL announced postponed deadlines for Form 5500 filing, among other things.
Amid strong market returns in Q1 2017, most participants left asset allocations in DC plans unchanged, according to a new report by the ICI.