The final regulations reflect statutory changes, including changes made by the Bipartisan Budget Act of 2018.
Tag: retirement plan hardship withdrawals
The list identifies matters that may involve either mandatory or discretionary plan amendments depending on the particular plan, and may reference other significant guidance that affects daily plan operations.
Under the proposed regulations, 401(k) plan sponsors could choose to make additional accounts available for hardship withdrawals.
A TIAA study finds the feature's benefit are continuously offset by pre-retirement withdrawals and plan loans.