Transcription of Hardship withdrawal processing - Empower Retirement
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Hardship withdrawal processing - Empower Retirement
Hardship withdrawal processing O V E R V I E W A plan may allow a participant to take a Hardship withdrawal from their Retirement plan account when they experience an immediate and heavy financial need. The plan document defines which of these Hardship types is allowed: Safe Harbor: Allowable reasons as defined by IRS Safe Harbor Hardship regulations. Fact and Circumstance: Allowable circumstances as defined by the plan. NOTE: For 457 plans, Unforeseeable Emergency is treated similarly to a Hardship in 401(k) plans, but there are specific differences in Unforeseeable distributions.
• Reviews hardship request and supporting documentation to determine if the request meets the plan’s hardship requirements under Safe Harbor hardship guidelines. • Works with the participant to collect missing or additional information. • Returns incomplete request to the participant with an explanation why the hardship cannot be ...
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