Are plan loans the newest financial wellness tool?
Considered by many a necessary evil and administrative burden, loans exist to give participants access to their money in times of need.
By Rennie Worsfold|January 29, 2020 at 08:01 AM
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The Bi-Partisan Budget Act of 2018, which went into effect this year, included provisions to make it easier for participants in qualified retirement plans to take hardship withdrawals.
Perhaps the biggest change in the liberalization of the hardship rules was the removal of the requirement of participants to exhaust all plan loan options first, before qualifying for hardship. Other changes included the following:
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