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Showing results for tags 'hardship distribution'.
Found 2 results
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When is a participant permitted to resume his/her 401k deferral contributions following his/her 2018 Hardship distribution 6 month suspension period? Is it immediately, or, must he/she wait until the Plan's next permitted "change", e.g. if Plan permits Quarterly changes, must he/she wait until the 1st of the next quarter following expiration of the suspension period? Plan provides 6 mo suspension Plan is SH401k Plan provides the Participant must complete a new election following the 6 mo suspension bc the election is deemed to be zero at the point of Hardship distribution. Generally speaking Participants may commence or change their deferral elections Quarterly (jan 1, apr 1, jul 1, oct 1). Thank you!
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Is there a rule or regulation specifying how long a 401(k) plan may take to grant or deny an application for a hardship distribution?
