Are Your 401(k) Participants on Track to Meet their Retirement Goals?

As a plan administrator, it is good practice to take a proactive approach and evaluate whether or not your participants are being properly educated on how they can stay on track to meet their retirement goals. A recent article on usnews.com (http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2010/11/16/5-mistakes-you-may-be-making-in-your-401k) discussed some common mistakes people make in their 401(k) plans that hinder their …

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Hardship Distributions Requirements

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 for the distribution. The Internal Revenue Service (“IRS”) has stated that certain expenses are considered immediate and necessary. These expenses include the following: • Medical …

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