"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."  MORE >>