![]() The plan sponsor or other people responsible for administering the plan (but never the employee requesting the hardship) may determine eligibility for a hardship distribution. contain language that specifies how a hardship is determined.It isn't more than an amount necessary to satisfy that financial need.Īdditionally, the 403(b) written program must:.It's made because of an immediate and heavy financial need of the employee, and.IRS rules treat a distribution as a hardship distribution only if: Ensure that the plan administrators and payroll offices share the plan’s hardship distribution information. Implement procedures to ensure that you follow the provisions in operation. Review all in-service distributions and determine that hardship distributions met the plan requirements.Īmend your plan retroactively to allow for hardship distributions.īe familiar with your plan hardship provisions. ![]() 10) You don’t have documentation ensuring that hardship distributions meet the definitions and requirements for hardship distributions.
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