According to the IRS website, a retirement plan may, but is not required to, provide for hardship distributions. If a 401(k) plan provides for hardship distributions, it must provide the specific Continue reading
Another year end has passed and now you are probably compiling and sending the 401(k) files to your third party administrator for them to complete their compliance testing, and other plan Continue reading
In these tough economic times, many people are looking at ways to make ends meet. One option your employee may be looking into is a distribution out of their 401(k) plan. Continue reading
Plan Sponsors often fall short in one simple area of plan administration: record keeping. It is important that Plan Sponsors keep proper documentation for each area of the Plan. One important Continue reading
If your plan allows for hardship distributions, as a Plan sponsor you are required to verify that proper evidence has been obtained which verifies the participant has immediate and necessary need Continue reading
Some plans allow for hardship distributions for certain financial hardships. In these current economic times there has been an increase in the number of hardship distributions taken from qualified retirement plans. Continue reading
The IRS has various rules related to income tax withholding from 401k distributions. The most common rule is the minimum 20% that is required to be withheld from eligible rollover distributions. Continue reading
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