Retaining the Proper Documents for Hardship Distributions?
Does your 401(k) plan offer hardship distributions to participants? Are you aware of your responsibility to retain specific documents related to each hardship distribution requested by participants? The IRS has established guidelines for plan administrators to understand the documents needed to not only review prior to the approval of hardship withdrawals, but to also retain them. The documents and guidelines, as noted on the IRS website, are as follows: Documentation of th