The third quarter also saw increases in withdrawals and loans as participants managed expenses amid inflation and higher borrowing costs.
Tag: hardship withdrawal
Victims of the wildfires on the islands of Maui and Hawaii are eligible for Internal Revenue Service tax relief, including waiving the...
Workers are increasingly dipping into savings to cover costs that are increasing due to inflation, creating a moment for advisers...
Improving Outcomes | Emergency Funds
When participants have no choice but to draw from their retirement plan.
COVID-19-related distributions will be capped at $100,000 with no mandatory tax withholding requirements and the ability to repay them.
The firm is also offering free fiduciary and wellness services to employers.
Withdrawals from IRAs accounted for most of the leakage, according to the GAO.
If a sponsor does not respond, it could risk a civil and/or DOL lawsuit.
Legislative and Judicial Actions
Two experienced ERISA attorneys at Drinker, Biddle and Reath warn against the idea of participants seeking a hardship withdrawal for the purpose of paying down student loan debt;...
Only 2.7% discontinued contributions, according to the ICI.