The IRS recently made a number of significant changes to the regulations applicable to hardship distributions from 401(k) and 403(b) plans.
If a plan allows hardship withdrawals, it must be amended to comply with the following changes:
The following changes are optional, but also require plans to be amended to implement:
There are various effective dates, some as early as January 1, 2018. The mandatory provisions must be effective no later than January 1, 2020.
If you would like more information or have questions about the changes to the hardship withdrawal rules, please contact Connie Lee at firstname.lastname@example.org or 844.4WINDES (844.494.6337).
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