Among other things, the bill allows for hardship withdrawals from more contribution types.
Tag: retirement plan loans
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 agency has relaxed loan and hardship distribution rules.
The act, signed into law last week, allows tax-penalty-free withdrawals and larger loan amounts from retirement accounts than current statutory limits.
“I have a question regarding the ‘cure’ period after which a retirement plan loan would go into default in relation to a military leave of absence.