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IRS releases proposal to expand 401(k) hardship withdrawal rules

Defined contribution plan participants would not have to suspend deferrals after a withdrawal.

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The revised list of hardship withdrawals would apply to money drawn on or after January 1, 2018. (Photo: Diego M. Radzinschi/ALM)

The Internal Revenue Service has issued a proposal accounting for new rules on hardship withdrawals from defined contributions plans passed in the Bipartisan Budget Act of 2018.

Under existing rules,

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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