hardship withdrawal

Surging Credit Card Debt: Strategies for Employers to Help Bolster Retirement Readiness
Team SummitEmployee Outcomes, Employer Resource CenterComments are off for this post
With U.S. credit card debt recently soaring to a record high of $1.08 trillion, employers face a pivotal moment. This staggering amount, a $48 billion escalation since the second quarter and a $154 billion increase year-over-year, is a cautionary signal for Americans’ financial stability. The compounding pressures of post-pandemic recovery and inflation have pushed household  Read More →
Hardship Withdrawals: New Year, New Rules
Team SummitEmployer Resource Center, Plan Operations & AdminComments are off for this post
This past November, the IRS issued proposed regulations to effectuate changes made for hardship withdrawals in the Bipartisan Budget Act of 2018. Comments were due by Jan. 14, 2019. Although the statutory changes are effective beginning in 2019, the proposed regulations do not require any changes in how hardships are administered until 2020. Plan documents  Read More →

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