Tag: hardship withdrawals

On the other side of the equation, plan loans were up 12% year-over-year, and hardship withdrawals increased modestly.

Both loans and hardship withdrawals have increased to the highest rate since the pandemic, according to Empower’s annual retirement study.

Distributions were down and hardship withdrawals were up, though overall saving rates remained steady, according to the bank’s latest participant...

Retirement contribution rates reached record highs, with combined worker and employer contributions equal to 13.9% of pay in 2021, new...

An individual in Ohio was recently indicted by a grand jury on charges that he fraudulently claimed the assets he...

The Internal Revenue Service is expanding the categories of individuals eligible for special loans and distributions and providing updated guidance on the tax treatment of these distributions and...

Depending on how exactly one defines the term, estimates of 'leakage' from defined contribution retirement plans vary considerably.

New data shows the education and guidance firms are providing is helping individuals to stay the course.

Participants who have taken a hardship withdrawal are nearly three-times more likely to feel “always” stressed in general and three-times more likely to have “a lot” of stress...

The IRS is aiming to simplify the hardship withdrawal process, but plan sponsor clients still have to remain mindful of their compliance obligations and safe harbor requirements.

The Bipartisan Budget Act of 2018 made it easier for retirement plan participants to access hardship withdrawals without taking loans first; since passage of the law, hardships withdrawals...

And the use of 401(k) loans fell to a nine-year low of 22.5% in 2018, according to T. Rowe Price’s annual participant data benchmarking report.

In the first three quarters of 2018, only 2.2% of participant stopped contributing to their plans, ICI data shows.