Regulatory changes as a result of the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 may impact certain provisions of your 401(k) Plan.
Safe Harbor Hardship Withdrawal Guidelines
The IRS requires Plan Sponsors to adhere to specific safe harbor hardship withdrawal guidelines for the distribution to take place.
Hardship and Participant Loan Documentation
The IRS recently published guidelines for Plan Sponsors to adhere to regarding the documentation of hardship distributions and participant loans. Generally speaking, plan participants sign a distribution form certifying that they qualify for a hardship...