February 23, 2017
  • Hardship Requests Require Extra Diligence  |  Page 1
    Our Page 1 article discusses challenges in managing participant hardship distributions.  Roles and responsibilities between plan administrators and their third party administrators must be clearly delineated.
  • When Is a Loan Not a Loan?  |  Page 2
    Our page 2 article provides best practices for plan administrators to ensure that participant loans are in full compliance with IRS and DOL regulations and are not considered to be a deemed distribution.  An accompanying sidebar, How Loans Trigger Trouble, looks at some common administrative errors related to plan loans.
  • Safe Harbor Distributions  |  Page 3
    Our Page 3 article on Safe Harbor Distributions covers guidelines for establishing the “immediate and heavy need” required for hardship distributions.  In most cases, participants’ need must be established based on “all relevant facts and circumstances” before they are eligible to request a hardship distribution
  • Does Your Plan Support Financial Well-Being?  |  Page 4
    Finally, we conclude this issue with an article about promoting financial well-being. It looks at a recent report from Bank of America Merrill Lynch outlining seven best practices for plan sponsors concerned with the personal financial health of their employees.

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