Plan Sponsor Q&A - Q1 2022

A Reminder about the Rules for Hardship Withdrawals. The opportunities to take in-service distributions from retirement plans are limited prior to age 59½. An exception is hardship withdrawals.

As of March 2020, the COVID-19 pandemic has made its impact throughout the United States. Not only has it had a significant effect to the economy, it has changed nearly every Americans way of life. It has most definitely made its mark on your company, which may present serious financial difficulties for your employees. Given the immediate financial impact that many individuals are facing, employers and retirement plan administrators should expect to receive inquiries from plan participants regarding access to retirement savings.

Hardship Withdrawals – The Internal Revenue Service Issues Proposed Regulation Reflecting Statutory Changes

Hey Joel - Will hardship suspensions go away in January 2019? If someone takes a hardship today, do we stop the suspension on Jan. 1, 2019? - Anxious in Alabama