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February 09th, 2018

2/9/2018

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Hardship withdrawal changes announced

Just in - The Bipartisan Act of 2018, passed on 2/9/18 has made the following changes to hardship withdrawals effective for plan years starting 1/1/19 or later:
  • Employees taking hardship withdrawals may continue making 401(k) withdrawals.  The 6-month restriction on 401(k) deferrals will not be required.
  • Hardship withdrawals will be allowed from QNEC, QMAC and profit sharing contributions.
  • Loans are not required prior to taking a hardship withdrawal
Please contact me if you would like to discuss these provision changes.
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    Jeff Esmond is an aspiring blogger.

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