Bates & Company, Inc.
|
Regional Vice President of Sales The Retirement Plan Company
|
Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
|
AimPoint Pension
|
Compass
|
Loan & Distribution Specialist AimPoint Pension
|
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
Administering Hardship Distributions Should Not Be a Hardship
Ferenczy Benefits Law Center [Guidance Overview] Aug. 15, 2019 "[1] Make sure your clients understand the procedures for hardships; [2] Always check your client’s plan document before you process a hardship distribution ... [3] Develop and provide your clients with a 'substantiation package' to conform to the notice and certification requirements ... [4] If you provide plan documentation to your clients, make sure you are set up to provide your clients with the amendment to remove the deferral suspension requirement before the due date ... and [5] Make sure that someone is properly preparing Forms 1099-R for hardship distributions and that the form provides that the distribution is not eligible for rollover." |
Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |