Compass
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Bates & Company, Inc.
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AimPoint Pension
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Loan & Distribution Specialist AimPoint Pension
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Regional Vice President of Sales The Retirement Plan Company
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Hardship Withdrawals: Rules and Required Documentation
Benefit Resources, Inc. [Guidance Overview] June 17, 2015 "Plan Administrators [should] retain the following records with respect to hardship withdrawal requests: [1] Documentation of the hardship application or request including your review and/or approval of the request. [2] Financial information or documentation that substantiates the employee's immediate and heavy financial need. This may include insurance bills, escrow paperwork, funeral expenses, bank statements, etc. [3] Documentation to support that the hardship was made properly and in accordance with the plan provisions and the IRS regulations. [4] Evidence that the payment was made to the participant and reported on Form 1099R." |
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