Balance for Covid distribution

[JRSP533]

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 

[ratherbereading]

Deferrals and vested employer sources.  The lesser of $100,000 or your vested account balance. They should be sending participants a Summary of Material Modifications with all the information, that's what we sent to our clients detailing the changes and their options.

[MWeddell]

Note that a plan sponsor may choose to be more restrictive than what is permitted by law.  You will want to ask for the rules applicable to your plan.  Typically, there is a call center run by a third party administrator that should be equipped to answer your question if the plan sponsor has made its decisions.

[JRSP533]

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.