JRSP533

Just processed a wd of $100k and $10k was withheld for federal tax. I am in FL so no state tax. assuming I had no other income for the year, should I expect any additional taxes next year?

Thanks MWeddell. They haven’t received plan docs yet. From reading this board and working with lawyers on deal docs for several years I can imagine the red tape in getting with all the various implications. -Smart people want to feel smart as is evidenced on this board by folks scrutinizing “certification” when the bill is a blanket authorization in spirit. -people like that piss me off because there’s no real law suit or fiduciary risk in reality. Just little pee pee people wanting to feel important. I hope my administrator doesn’t ask for hospital records etc. seems more a gdpr and HIPPA risk to me. Thanks again. Fingers crossed it gets done soon.

Our company announced our plan was being amended for CARES over the next few weeks and participants can expect the changes to be adopted. just curious if anyone knows what balances are typically available with these things as standard (I realize there not one necessarily). Vested/invested, employee/r contributions, etc. never knew there were so many categories for a 401k balance. I’m fully vested and mostly wondering what categories might be unavailable when the plan is rolled out. For example, the available for a “hardship withdrawl” currently is only $44k buy vested balance is significantly higher than that. thanks for any advice/help

What are the odds my provider allows for a withdrawal? If no withdrawal, would the loan amount likely be $75k and would I need to pay off the existing $25k loan first? Fully vested btw. just curious what I should anticipate and would be really grateful for $.02 from any practitioners.

Thank you. I’m super hopeful for an in service withdrawal option. We currently offer hardship and primary residence withdrawals. we also offer genera purpose loans as well to which I have an o/s balance of $24k. They do have rules currently that $50k or 50% are the maximum but that any outstanding loan balance from the last 12 months would be decay red from available a new loan. So in my example, $50k- $25k is only $25 & available after paying off a $25 k loan so no assistance there. Wondering if the math would be the same when they increase loan amount to $100k available? PS, my balance excluding the outstanding loan is $229k.

Another piece of food for thought. The bill states “quarantine” or economic loss. What if a spouse has self quarantined from family members leading to child care issues and on and on and on. What is quarantine or diagnosis when people cannot be tested due to limited healthcare resources. -Why the bill is vague.

Understood. The spirit of why it was written that way was to not have assistance requests be overscrutinized and to allow people access to their money. That being said, what is a plan administrators concern with fraudulent claims since the provision is so broad on purpose?

all Individuals, spouses, childcare. There are too many variables affecting economic conditions of your participants. 1. can you require a spouses medical records showing diagnosis? (HIPPA) Curious how you could claim your participant is unaffected. Hardly seems your place to decide and is the reason the provision was written as it was for employee certification.

In general us it safe to say plan administrators wishes would be to keep the money and not to disperse it? Curious what an employer’s own motivations might be? Maybe they don’t want to alter plan documents?

80% of people will supposedly have it. It’s not your place to know and all of our businesses are adversely affected.

Can an administrator choose to deny the loan increase and withdrawal availability? Seems to me it would be a poor choice and requiring proof with HIPPA laws and GDPR would any plans not allow withdrawals? I have a $300k balance and am 38 so hoping to understand what my employer administratered plan will do As they’ve not figured it out yet.

Wondering if all plans administrators and employers will cooperate and increase loan limits and permit withdrawals up to $100k. this isn’t discretionary is it? seems to me a bad decision not to allow these withdrawals but just wondering what the consensus is here and when plans will start to integrate the new rules with all the moving parts.