Participants Remained Committed to Their DC Plans During 2018
In the first three quarters of 2018, only 2.2% of participant stopped contributing to their plans, ICI data shows.
Tag: hardship withdrawals
Assessing Likely Impacts of IRS Hardship Withdrawal Rule Changes
New rules established by Congress and the IRS simplify the process for participants to request a hardship withdrawal of DC plan assets; some experts say this could increase “leakage,” while others anticipate more positive effects, such as lower debt among cash-strapped participants.
The Importance of Addressing Participant Complaints
If a sponsor does not respond, they could face a civil and/or DOL lawsuit
DC Plan Investors Stayed the Course in the First Nine Months of 2017
Only 2.4% discontinued contributions, a mere 2.8% took withdrawals and just 1.3% took hardship withdrawals, ICI data show
Hardship Withdrawal Changes Included in Budget Deal
Several provisions of the two-year budget bill affect retirement plans.
Loans, Suspended Deferrals Reduce Savings an Average of 14%
The impact is greater for younger investors, as they have a long time horizon for saving, MassMutual finds.
Scant Withdrawals From DC Plans in First Half of Year
The number of participants taking hardship withdrawals remained less than 1%.