Tag: hardship withdrawals

The recordkeeper is making the move in response to the CARES Act.

The firm is also offering free fiduciary and wellness services to employers.

The Savings Preservation Working Group says that at least 33% and as many as 47% of plan participants withdraw part or all of their retirement savings when switching...

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...

Withdrawals from IRAs accounted for most of the leakage, according to the GAO.

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.

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.

Only 2.4% discontinued contributions, a mere 2.8% took withdrawals and just 1.3% took hardship withdrawals, ICI data show

Several provisions of the two-year budget bill affect retirement plans.

The impact is greater for younger investors, as they have a long time horizon for saving, MassMutual finds.

The number of participants taking hardship withdrawals remained less than 1%.