One change is that participantswill not be required to exhaust plan loan options before requestinga hardship withdrawal. (Photo: Shutterstock)
The Department of Treasury has finalized new rules on hardshipwithdrawals from defined contribution plansthat were laid out in the Bipartisan Budget Act of 2018.
Last November, Treasury issued proposed new hardship regs. "Thefinal regulations are substantially similar to the proposedregulations, and plans that complied with the proposed regulationswill satisfy the final regulations," according to the final rule,which is scheduled for official publication in the Federal Registeron September 23.
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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.
