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IRS proposes amendments to hardship distribution rules

IRS proposes amendments to 401(k) regulations that would affect the funds available for hardship distributions, the events that constitute qualifying hardships, and the standards used to determine whether a participant’s need could be relieved using other reasonably available resources.

Lifetime Benefit Solutions, Inc. is not a law firm, has not reviewed that information for legal sufficiency, and does not give legal or tax advice. The sponsoring employer should have this information reviewed by its own legal counsel for compliance with ERISA, tax requirements, and other applicable laws and regulations.