Are 401(k) Loans Detrimental to Retirement Savings Behavior?
A new paper using Vanguard data suggests that many participants maintain their contribution rates while paying off 401(k) loans.
Tag: hardship withdrawal
Plan Distribution Options Can Help Participants Recover From Disasters Like Debby
With the tropical storm causing extensive damage to homes and neighborhoods in the eastern US, plan participants can take out...
Products |
Product & Service Launches
ShareBuilder waives 401(k) setup fee; Voya launches access to SecureSave; Equitable expands Endowment Solutions Platform; and more.
Early Withdrawals Found to Exacerbate 401(k) Account Disparities Across Race, Gender
In addition to lower contribution rates, Black and Hispanic workers tend to withdraw money more frequently from their 401(k)s, resulting...
Comments Challenge IRS Interpretation of Automatic Features, Roth Matching, Other Provisions
The IRS December grab bag notice provisions on de minimis incentives and terminally ill distributions also received some pushback from...
Benefits |
Inflation Did Not Curb Participants’ Retirement Savings in First Half of 2023
Despite consistent contributions, participants taking loans or hardship withdrawals are half as likely to use auto-increase plan feature, T. Rowe...
Benefits |
Workers’ Retirement Savings Are Boosted By Access to Savings Tools
BlackRock and Human Interest found that the lack of access to a retirement plan is a ‘crucial’ factor to preventing...
Hawaii Wildfire Victims May Be Eligible for Hardship Withdrawal Tax Relief
The Internal Revenue Service is providing expansive tax relief, including waiving the penalty fee for hardship withdrawals, for victims of...
403(b) Plans Will Continue to Act More Like 401(k)s with SECURE 2.0 Changes
Plan sponsors offering 403(b) plans may be able to operate them more like 401(k)s after SECURE 2.0, according to experts.
Plan Progress Webinar: Plan Design Considerations to Boost Outcomes
Experts suggest plan sponsors pair automatic features with multichannel education and emphasize to workers that they should save for retirement...
How to Get Participants to Really Think Twice About Early Withdrawals
Educating participants and offering them guidance on rollovers can substantially reduce loans, hardship withdrawals and cash-outs, experts say.
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OneAmerica Forgives Hardship Withdrawal Fees
The recordkeeper is making the move in response to the CARES Act.
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Securian Removes COVID-19 and Hardship Withdrawal Fees
The firm is also offering free fiduciary and wellness services.
Most 401(k)s Embrace New Hardship Rules
According to PSCA, relatively few sponsors have seen participants taking out excess hardship withdrawals.
Ways to Combat Pervasive Leakage
The Savings Preservation Working Group says that at least 33% and as many as 47% of plan participants withdraw part...
GAO Reviews Retirement Savings Leakage
The GAO interviewed retirement plan stakeholders and found several ways to stem the tide of funds leaving 401(k)s and IRAs.
Commitment to 401(k) Investing Remains Strong
A mere 2.7% of Americans stopped contributing to their defined contribution plan in 2017, the ICI reports.
2017 Was a Good Year for DC Plan Metrics
ICI recordkeeper data shows that in the first nine months of 2017, the amount of participants contributing or taking a...