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The hardship withdrawal rules have changed dramatically in recent years. The below FAQ addresses questions and answers based on the rules that are applicable now, in 2020.  What is a hardship distribution? A hardship distribution is an optional triggering event a plan sponsor can make available to plan participants who are still employed. Hardship withdrawals...Read More

Retirement plan documents are legal documents that outline a plan’s provisions and the regulatory requirements for the plan. Most qualified plans use what is known as a “preapproved” plan document. This is one the IRS has reviewed and approved for use. Alternatively, a plan can use an attorney-drafted document (known as an individually designed plan...Read More

New Electronic Disclosure Rules from the DOL The Department of Labor (DOL) released a final rule on electronic disclosure of retirement plan notices to plan participants on May 21, 2020. This new rule will allow disclosures to be delivered to certain employees via email or posted on a web site, as a default, rather than...Read More

SECURE Act New Plan Federal Tax Credit for Small Employers Effective in 2020, a federal tax credit is available for each of the first three years of a new retirement plan. There is a separate credit for 401(k) plans that add an eligible automatic contribution arrangement. These credits are available to employers with no more...Read More

The House of Representatives passed the Coronavirus, Aid, Relief and Economic Security (CARES) Act on March 27, 2020, two days after the Senate passed it in a unanimous vote. It is expected to be signed into law by the President momentarily. The $2 trillion dollar stimulus bill has far-reaching implications, including many items that directly...Read More