Tag: hardship withdrawals

Retirement contribution rates reached record highs, with combined worker and employer contributions equal to 13.9% of pay in 2021, new...

The Senate now has two bills out of committee that will have to be reconciled with a companion House bill...

Workers’ short-term financial worries about student loan debt and job security can derail retirement planning.   

Experts suggest plan sponsors pair automatic features with multichannel education and emphasize to workers that they should save for retirement...

A federal court has denied a defendant’s motion to dismiss a lawsuit in which he is accused of committing wire...

Plan sponsors should educate their employees about distributions, and they can help their workers set up emergency savings accounts to...

Educating participants and offering them guidance on rollovers can substantially reduce loans, hardship withdrawals and cash-outs, experts say.

Notice 2020-50 expands the definition of who is a qualified individual to take into account additional factors such as reductions...

The recordkeeper is making the move in response to the CARES Act.

The firm is also offering free fiduciary and wellness services.

According to PSCA, relatively few sponsors have seen participants taking out excess hardship withdrawals.

The Savings Preservation Working Group says that at least 33% and as many as 47% of plan participants withdraw part...

Following rule changes plan sponsors still have discretion over limiting the amount of hardship withdrawals and participants can continue to...

In a new Snapshot publication, the IRS offers a detailed review of the shifting regulatory provisions applying to pre-retirement hardship...

The law changed the rules for 401(k) loans and hardship withdrawals, making it easier to draw money directly as a...

The GAO interviewed retirement plan stakeholders and found several ways to stem the tide of funds leaving 401(k)s and IRAs.

Participation rates were nearly 96% higher for plans—a difference of 40 percentage points—with auto enrollment; the usage of auto escalation...

In the first three quarters of 2018, only 2.2% of participant stopped contributing to their plans, ICI data shows.