Processing Hardships. Agenda. Has it Become a Hardship Itself?
|
|
- Audrey Miles
- 5 years ago
- Views:
Transcription
1 Processing Hardships Has it Become a Hardship Itself? Agenda Legal & Regulatory Requirements Documentation Requirements Recent Commentary From the IRS 2 1
2 Legal and Regulatory Requirements Hardship Distributions From 401(k) Plan Three primary requirements: The distribution amount cannot exceed the amount of the need (or, if less, the total deferrals not including earnings after 7/1/89) The distribution must be on account of an immediate and heavy financial need The distribution must be necessary to satisfy that need No exception to 10% premature distribution penalty tax Not eligible for rollover 4 2
3 Maximum Amount A distribution cannot exceed the amount of the need However, the distribution amount may be grossed up to include income taxes and penalties reasonably anticipated For example, I need $20,000: 10% penalty tax, 25% state and federal tax I can take roughly $30,000 as a distribution (to net $20,000) 5 Immediate and Heavy Financial Need Determined based on all relevant facts and circumstances Analysis focuses on the type of event/expenditure Paying funeral expenses for a family member: yes Buying a boat or television: no 6 3
4 Immediate and Heavy Financial Need: Safe Harbor The regulations deem a distribution to be on account of an immediate and heavy financial need if it is for one of six reasons Three are for participant only: 1. Costs directly related to purchase of the participant s principal residence (not mortgage payments!) 2. Amount necessary to avoid eviction from or foreclosure on participant s principal residence 3. Expenses for casualty loss to participant s principal residence (in a presidentially declared disaster area) 7 Three Events for Broader Group 4. Medical expenses of the employee, spouse, dependent or beneficiary (disregard 7.5% AGI floor) 5. College tuition, room and board and related expenses for employee, spouse, children, dependents or beneficiary (12-months) 6. Funeral expenses for deceased parent, spouse, child, dependent, or beneficiary Beneficiary hardship is not mandatory (per PPA) 8 4
5 Tax Reform Change The tax reform legislation (the Tax Cuts and Jobs Act) changed the rules for casualty losses to the participant s principal residence: Prior Law: Allows hardship distributions for immediate and heavy financial need resulting from principal residence casualty losses that are deductible under Code 165 (even if < 10% of AGI) New Law: The casualty loss must be a result of a presidentiallydeclared disaster 9 Necessary to Satisfy the Need The participant has no other means reasonably available Based on relevant facts and circumstances Participant resources deemed to include: Own assets Assets of spouse or minor children that are reasonably available
6 Possible Sources to Satisfy Financial Need Plan should consider whether the participant has other sources of funding or assets to satisfy the financial need: Insurance (health or property/ casualty) Sale of assets Cessation of deferrals into the plan Distribution of plan assets (to the extent permitted by the plan) Participant loans* Commercial loans *Eliminated for PYs starting after 12/31/18 11 Participant s Written Representation Is Acceptable The 401(k) regs allow the Plan Administrator to reply on the participant s written representation that the financial hardship (need) cannot be satisfied from the sources listed on prior slide Unless the PA or ER has actual knowledge to the contrary Only applies for the limited purpose of verifying the necessity not the need itself Makes sense can t prove the negative No gold or $ under the mattress Undisclosed accounts 12 6
7 Necessary to Satisfy the Need Safe Harbor (no proof of need required) Employee has taken all available loans and distributions under any employer plan (except to the extent that it would be counterproductive); and Suspend deferrals for six months following hardship distribution This requirement has been eliminated for plan years beginning after 12/31/18 (per the Bipartisan Budget Act of 2018) Hardship Distributions Six-Month Suspension of Deferrals Treasury Regulations require that recipients of hardship distributions be prohibited from making salary deferral contributions to any plan of the employer for at least six months after receipt of the hardship distribution Must be part of plan terms or other enforceable agreement Treas. Reg (k)-1(d)(iv)(E)(2) How do deferrals restart: Automatically after six months? Upon participant action after six months? What does the plan say? Not required for PYs starting in
8 Hardship Sources Hardship distributions have historically been limited to the aggregate amount of an employee s elective deferrals (not adjusted for gains/losses) Effective for Plan Years beginning after 12/31/18, ERs can permit hardship distributions from other sources (NECs, QNECs, QMACs, earnings) 15 IRS Hardship Distribution Relief for Harvey, Irma Maria, California Wildfires Qualified plan or 403(b) plan can make hardship distribution to affected employee Only plans that can make hardship distributions not pension plans Governmental 457(b) plan can make unforeseeable emergency distribution to affected employee Whether or not: Plan has hardship language Plan recognizes this hardship No hardships from QMACs or QNECs or deferral earnings Can rely on employee s reasonable representations of hardship need and amount No need for 6-month deferral suspension 16 8
9 Qualified Hurricane Distribution Qualified hurricane distribution Distribution from eligible plan Between disaster date and December 31, 2018 To qualified individual Could be beneficiary Limit: $100,000 No 10% penalty Distributable event 3-year rollover option Can spread tax over 3 years 17 Hardship Case Studies 18 9
10 Case Study: Hardship Eligibility Harry requests a hardship distribution from the HDL Corp 401(k) Plan. Harry satisfies the need and necessity requirements and is issued a distribution Scenario #1: It is subsequently discovered that the Plan does not permit hardship distributions Scenario #2: It is subsequently determined that Harry was eligible to take a plan loan that would have been sufficient to meet his needs Scenario #3: Harry is a >5% shareholder. The plan is amended to allow hardship distributions based on Harry s request, employees are never informed, and is amended again two months later to eliminate hardships. Only Harry received a hardship distribution. 19 Case Study: Hardship Distributions Helene requests a $20,000 hardship distribution from the Zoo Corp 401(k) Plan Helene provides the PA copies of medical bills for her daughter and provides the PA with a statement that a hardship distribution is necessary to pay the bills Two weeks later the PA discovers (overheard at the water-cooler) that the medical bills had already been paid and Helene intended/used the hardship proceeds to buy a boat What should the PA do in response to this revelation? 20 10
11 Case Study: Suspension of Deferrals Scenario #1: Joffrey receives a hardship distribution from the Baratheon 401(k) Plan on 3/15/17. In early 2018, it was discovered that Joffrey s 401(k) deferrals were never suspended Scenario #2: Joffrey s deferrals are properly suspended as of 3/15/17, but his deferrals were not resumed as of 9/15/17 21 Permissible Hardships For safe-harbor and non-safe harbor hardship distributions, which of these are permissible: Expenses for the participant to travel to his/her parent s funeral? Expenses to repair a crack/leak in the foundation of the participant s principal residence? Expenses to repair water damage to the participant s principal residence from a flood (river/creek)? Expenses to repair fire damage to property that the participant rents? A vacation home? Payment of past due mortgage balance for participant s home after receiving a late notice? Prepayment of participant s daughter s four-year college tuition (to take advantage of discount)? 22 11
12 Documentation Requirements Documented Proof of Hardship Event (Heavy and Immediate Financial Need) Historically, practitioners have been confused about whether a participant needed to provide (and the Plan Administrator needed to retain) documentation proof of the hardship IRS traditionally indicated that the answer was yes participant certification was not permissible to show that the hardship event occurred
13 Hardship Documentation Requirements The plan sponsor should always retain these records in paper or electronic format: Documentation of the hardship request, review and approval; Financial information and documentation that substantiates the employee s immediate and heavy financial need (if the employee provides this, rather than using substantiation guidelines); Documentation to support that the hardship distribution was properly made in accordance with the applicable plan provisions and the Internal Revenue Code; and Proof of the actual distribution made and related Forms 1099-R 25 Change in IRS Policy Substantiation Guidelines In an internal IRS memorandum, auditors were told that there are two ways to demonstrate that the recipient of a hardship distribution had an immediate and heavy financial need: Obtain and retain source documentation from the participant New procedure: Plan Administrator provides mandatory disclosures to participant, who keeps the substantiation information Plan Administrator and participant must answer questions listed by IRS on audit
14 Change in IRS Policy Substantiation Guidelines Under new procedure: Recipient agrees to retain source documents and provide them on request If TPA obtains summary, TPA provides employer with report or other access to the data, at least annually, describing the hardship distributions during the year If any participant gets more than two hardship distributions/year, absent a reasonable explanation auditor can ask for original documents Must receive IRS supervisor approval first Immediate and Heavy Financial Need The IRS specified the information that must be collected for each of the six safe harbor need categories If the PA or service provider collect the documents, the documents must include the required information If the PA or service provider collects summary information, that party must: Collect and maintain the summary information, provide the participant a notice, and the participant is must maintain the records and produce them upon IRS request 28 14
15 New Guidance Notice Requirements PAs relying upon the new guidelines must provide to the employee notice of the following: The distribution is taxable and additional taxes ( 72(t)) may apply The amount of the distribution cannot exceed the immediate and heavy financial need Hardship distributions cannot be made from earnings, QNECs, or QMACs The recipient must preserve the source documents and make them available at any time, upon request, to the ER or PA 29 Summary Information Required For all requests: Participant s name Total cost of the hardship event Amount of distribution requested Certification by the participant that the info is true and accurate 30 15
16 Specific Info for Deemed Hardships For Medical Expenses: Who incurred the expense? Relationship to the participant Purpose of the medical care (diagnosis, treatment, prevention, L/T care ) Name and address of the service provider Amount of medical expenses not covered by insurance The IRS Memorandum lists the info required for other deemed hardships See TE/GE Statute of Limitations Generally: Three years from date Form 5500 is filed ERISA requires records supporting all information on the Form 5500 to be maintained for at least six years from the date the Form is filed Practically speaking, nearly eight years from the first day of the PY All relevant records should be maintained for at least six years from the date the Form 5500 was filed 32 16
17 Disaster Relief Hurricane/Storm Relief Announcement : Victims of Hurricane Matthew Announcement : Victims of Louisiana Storms Announcement : Victims of Hurricane Harvey Announcement : Victims of Hurricane Irma Announcement : Victims of Hurricane Maria and California wildfires Individuals entitled to relief: Employee or former employee Primary home or place of work on date of disaster in disaster area: Employee Spouse Descendant Ancestor
18 Hurricane/Storm Hardship Distribution Qualified plan or 403(b) plan can make hardship distribution to affected employee Excludes pension plans Normal rules about source of distributions (no earnings on deferrals, QNECs, QMACs) Governmental 457(b) plan can make unforeseeable emergency distribution to affected employee Whether or not: Plan has hardship language Plan recognizes this hardship Can rely on employee s reasonable representations of hardship need and amount No need for six-month deferral suspension 35 Hurricane/Storm Procedural Relief Don t have to follow all plan procedures: If spouse can t be located, don t wait for death certificate Take care of paperwork ASAP Applies to plans and IRAs Applies to distributions and loans Plan amendment may be needed to authorize loan/ distribution if document doesn t already authorize them Extended adoption deadline: end of 2017 plan year End of the 2018 PY for 2016 disasters (per tax law) No need for amendment to change hardship rules; just authorize hardships 36 18
19 Processing Hardships 19
10/17/2016. Advanced Loan and Hardship Issues (Workshop 70) David Schultz, JD, APM FIS/Relius
Advanced Loan and Hardship Issues (Workshop 70) David Schultz, JD, APM FIS/Relius 1 Agenda Legal & Regulatory Requirements Participant Loans Hardship Distributions Plan Document Requirements Participant
More informationWith Year-End Deadline Looming IRS Issues Much Anticipated Hardship Guidance
With Year-End Deadline Looming IRS Issues Much Anticipated Hardship Guidance PUBLISHED: November 16, 2018 Plan sponsors and recordkeepers have been eagerly anticipating IRS guidance on changes to the hardship
More informationParticipant Loans, Hurricane & California Wildfires Loans, & Disaster Loans
Participant Loans, Hurricane & California Wildfires Loans, & Disaster Loans Description Normal Loan Rules CA Wildfires Loans General Disaster Loans What types of loans are available? General purpose loans,
More information403(b) Plan Transaction Request Form
403(b) Plan Transaction Request Form 900 S Capital of TX Hwy, Ste. 350 Austin, TX 78746 403b@tcgservices.com P: 800.943.9179 F: 888.989.9247 Please submit completed form via fax, email or mail Sections
More informationRecent Changes in Tax Laws Affect Qualified Retirement Plans and Health & Welfare Benefits
Recent Changes in Tax Laws Affect Qualified Retirement Plans and Health & Welfare Benefits The Tax Cuts and Jobs Act of 2017 ( Tax Cuts Act ), the Bipartisan Budget Act of 2018 ( Budget Act ), and other
More information2. Participants are no longer prohibited from contributing to the plans in the six months following a hardship withdrawal.
MEMORANDUM TO: FROM: Supplemental Retirement Board of Trustees Reid Chisholm, Assistant General Counsel DATE: December 5, 2018 SUBJECT: Plan document changes regarding hardship withdrawals The Bipartisan
More informationVentura County 401(k) Shared Savings Plan Safe Harbor Hardship Withdrawal
Ventura County 401(k) Shared Savings Plan Safe Harbor Hardship Withdrawal The Internal Revenue Service follows very stringent rules for this type of withdrawal and will examine it very closely if the Plan
More informationHARDSHIP DISTRIBUTION REQUEST FORM
HARDSHIP DISTRIBUTION REQUEST FORM Table of Contents Page Employee & Employer Instructions... pg. 1 Section A-D: Employee Section... pg. 2-3 Section E: Employer Section... pg. 3 Special Tax Notice... pg.
More informationH.R. 1 s Impact on Retirement Plans and Recordkeepers
February 9, 2018 Robert Neis Benefits Tax Counsel Office of the Benefits Tax Counsel Department of the Treasury 1500 Pennsylvania Avenue, NW, Room 3044 Washington, D.C. 20220 Re: H.R. 1 s Impact on Retirement
More informationWithdrawal Instructions - Hardship Withdrawal
WITHDRAWAL INSTRUCTIONS HARDSHIP WITHDRAWAL Withdrawal Instructions - Hardship Withdrawal This form should be completed if: You have taken any and all other available distributions from the plan (e.g.
More informationHiding in Plain View: Impact of Recent Tax Legislation on Retirement Plans
Hiding in Plain View: Impact of Recent Tax Legislation on Retirement Plans Presented by Eric Paley and Claire Rowland March 14, 2018 Tax Cut and Jobs Act ( TCJA ) signed December 22, 2017 TCJA included
More informationThree-Year Repayment Period for Qualified Hurricane Distributions
October 27, 2017 DISASTER TAX RELIEF ACT PROVISIONS AFFECTING RETIREMENT PLANS HURRICANES HARVEY, IRMA, AND MARIA QUESTIONS AND SUGGESTIONS FOR GUIDANCE The SPARK Institute is pleased to submit this list
More informationHurricane Harvey Relief IRS and DOL Guidance
Retirement & Investment Legal Consulting & Compliance Hurricane Harvey Relief IRS and DOL Guidance On Wednesday, August 30, the Internal Revenue Service (IRS) released Announcement 2017-11. The Announcement
More informationSUMMARY PLAN DESCRIPTION PIXAR Employee's 401(k) Retirement Plan
SUMMARY PLAN DESCRIPTION PIXAR Employee's 401(k) Retirement Plan This information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific
More informationASCENSION PARISH SCHOOL BOARD 403(B) PLAN. SUMMARY OF 403(b) PLAN PROVISIONS
ASCENSION PARISH SCHOOL BOARD 403(B) PLAN SUMMARY OF 403(b) PLAN PROVISIONS TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN ARTICLE I PARTICIPATION IN THE PLAN Am I eligible to participate in the Plan?...1
More informationWithdrawals. Hardship Withdrawals
Withdrawals The Plan s primary purpose is to provide benefits when you retire. However, under certain circumstances, you may be able to withdraw money from your account while you are still employed by
More informationDISTRIBUTION REQUEST TIMELINE
Distribution Request Form DISTRIBUTION REQUEST TIMELINE This form is to request a participant withdrawal from your retirement account with your employer. Whether you are rolling over the funds or taking
More informationWITHDRAWALS FROM THE THRIFT PLAN
WITHDRAWALS FROM THE THRIFT PLAN Initiating a Withdrawal You may request up to three withdrawals each year from the Thrift Plan. There are two types of withdrawals that you may request from your Thrift
More informationMcALISTER OIL 401(k) PLAN (k) SAFE HARBOR NOTICE
McALISTER OIL 401(k) PLAN 2019 401(k) SAFE HARBOR NOTICE In accordance with IRS rules we are required to provide you with a summary of the 401(k) and employer contribution features of the McAlister Oil
More informationNTESS SAVINGS AND INCOME PLAN
NTESS SAVINGS AND INCOME PLAN Summary Plan Description Effective January 1, 2019 Sandia National Laboratories is a multimission laboratory managed and operated by National Technology and Engineering Solutions
More informationTax Reform: Comparison of House and Senate Tax Cuts and Jobs Act Versions
Tax Reform: Comparison of House and Senate Tax Cuts and Jobs Act Versions (Highlights Affecting Retirement and Individual Savings Arrangements) Employer-Sponsored Retirement Plan Provisions In-Service
More informationSUMMARY PLAN DESCRIPTION Standard Textile 401(k) Profit Sharing Plan
SUMMARY PLAN DESCRIPTION Standard Textile 401(k) Profit Sharing Plan This information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific
More informationS U M M A R Y P L A N D E S C R I P T I O N PayPal 401(k) Savings Plan
S U M M A R Y P L A N D E S C R I P T I O N PayPal 401(k) Savings Plan This information is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific
More informationGovernmental 457(b) Tax-Deferred Retirement Plan Distribution Booklet. Learn about taking distributions from your plan
Governmental 457(b) Tax-Deferred Retirement Plan Distribution Booklet Learn about taking distributions from your plan Table of Contents Important Information About Distributions From Your Governmental
More informationWillamette University Defined Contribution Retirement Plan
Willamette University Defined Contribution Retirement Plan Table of Contents Introduction... 3 Important Information About the Plan... 4 Joining the Plan... 5 Contributions to the Plan... 6 Managing Your
More informationGeneral Information for 401k Plan Sponsor
General Information for 401k Plan Sponsor Welcome to our 401k Guide for the Plan Sponsor! The information contained on this site was designed and developed by various governmental agencies, and compiled
More informationBudget Act Includes Hardship and Other Important Retirement Plan Relief
If you have questions, please contact your regular Groom attorney or one of the attorneys listed below: Elizabeth Dold edold@groom.com (202) 861-5406 Daniel Hogans dhogans@groom.com (202) 861-5414 Michael
More informationBack to the Basics of 401(k) Administration: A Review and Update on Compensation, Loan and Hardship Withdrawal Issues. Presented by: Heidi A.
Back to the Basics of 401(k) Administration: A Review and Update on Compensation, Loan and Hardship Withdrawal Issues Presented by: Heidi A. Lyon Compensation What We ll Cover Review of compensation concepts
More informationREQUEST FOR WITHDRAWAL OR SURRENDER FROM AN ANNUITY CONTRACT
REQUEST FOR WITHDRAWAL OR SURRENDER FROM AN ANNUITY CONTRACT c Midwestern United Life Insurance Company c ReliaStar Life Insurance Company, Minneapolis, MN c ReliaStar Life Insurance Company of New York,
More informationGeneral Information for 401k Plan Participant
General Information for 401k Plan Participant Welcome to our 401(k) Guide for the Plan Participant! The information contained on this site was designed and developed by various governmental agencies, and
More informationWestchester County Chapter NYSARC, Inc. Tax Deferred Annuity Plan
Westchester County Chapter NYSARC, Inc. Tax Deferred Annuity Plan Table of Contents Introduction 3 Important Information About the Plan 4 Joining the Plan 5 Contributions to the Plan 6 Managing Your Account
More informationMassMutual Thrift Plan HARDSHIP WITHDRAWAL REQUEST
MassMutual Thrift Plan HARDSHIP WITHDRAWAL REQUEST Participant's Name Soc. Sec. No. First Middle Last Mailing Address Street City State ZIP Phone Number State of Legal Residence If the State of Legal Residence
More informationCarroll Health Group 401(k) Plan
Carroll Health Group 401(k) Plan Table of Contents Introduction... 3 Important Information About the Plan... 4 Joining the Plan... 5 Contributions to the Plan... 6 Managing Your Account... 12 Ownership
More informationWithdrawal Instructions - Hardship Withdrawal
Withdrawal Instructions - Hardship Withdrawal This form should be completed if: You have taken any and all other available distributions from the plan (e.g. In-Service) and the amount requested is not
More information403(b) Program Hardship Distribution Request Form
Please complete all form sections. 403(b) Program Hardship Distribution Request Form 1. EMPLOYEE INFORMATION Employee Name Social Security Number Street Address Daytime Phone Number Date of Hire City State
More informationColony Brands, Inc. Retirement Savings Plan
Colony Brands, Inc. Retirement Savings Plan Table of Contents Introduction... 3 Important Information About the Plan... 4 Joining the Plan... 7 Contributions to the Plan... 8 Managing Your Account... 15
More informationCENTRAL LABORERS ANNUITY FUND
CENTRAL LABORERS ANNUITY FUND PO Box 1267, Jacksonville, IL 62651-1267 Phone 217-479-3600 or 800-252-6571 APPLICATION FOR HARDSHIP DISTRIBUTION The Central Laborers Annuity Fund ( Fund ) was created and
More informationDISTRIBUTION REQUEST TIMELINE
Distribution Request Form DISTRIBUTION REQUEST TIMELINE This form is to request a participant withdrawal from your retirement account with your employer. Whether you are rolling over the funds or taking
More informationCasualty loss deductions, election to claim for previous year. Casualty loss deductions, limitations eased.
Dear Client: If you suffered a loss as a result of Hurricane Harvey, you may be able to recoup a portion of that loss through several different tax benefits that may be available to you. These include
More informationIntroduction. Please read and follow all instructions carefully. Incomplete paperwork may cause delays or prevent your request from being processed.
Introduction Please read and follow all instructions carefully. Incomplete paperwork may cause delays or prevent your request from being processed. Critical information to consider: The Hardship Withdrawal
More informationNOTICE TO PARTICIPANTS REQUESTING AN IN-SERVICE WITHDRAWAL
P.O. Box 2069 Woburn, MA 01801-1721 (781) 938-6559 NOTICE TO PARTICIPANTS REQUESTING AN IN-SERVICE WITHDRAWAL Under the terms of the SBERA 401(k) Plan, if you were hired prior to January 1, 2000 and you
More informationAdvanced Issues With Participant Loans, Hardship Withdrawals and QDROS. Agenda. Hardship Distributions
Advanced Issues With Participant Loans, Hardship Withdrawals and QDROS Presented by: Robert M. Kaplan, CPC, QPA, CFP, APA VP, National Training Consultant Voya Financial Hardship Distributions QDROs Participant
More informationEXPLORING IN-SERVICE DISTRIBUTIONS
Many individuals mistakenly believe that all retirement benefits are not available until retirement or at least not until they separate from their employers. This misconception may have originated in the
More informationSUMMARY PLAN DESCRIPTION. WD Associates, Inc. 401(k) Profit Sharing Plan
SUMMARY PLAN DESCRIPTION WD Associates, Inc. 401(k) Profit Sharing Plan WD Associates, Inc. 401(k) Profit Sharing Plan SUMMARY PLAN DESCRIPTION...1 I. BASIC PLAN INFORMATION...2 A. ACCOUNT...2 B. BENEFICIARY...2
More informationFiesta Mart, Inc. 401(k) Retirement and Savings Plan
Fiesta Mart, Inc. 401(k) Retirement and Savings Plan Table of Contents Introduction... 3 Important Information About the Plan... 4 Joining the Plan... 5 Contributions to the Plan... 7 Managing Your Account...
More informationThank You to Our Sponsors!
Thank You to Our Sponsors! Session 2 Plan Document Update: What You Need to Know in 2018 Kelsey N. H. Mayo, Esq. Partner Poyner Spruill LLP Robert M. Richter, Esq., APM Vice President FIS Wealth and Management
More informationDEVEREUX DEFINED CONTRIBUTION RETIREMENT PLAN. Summary Plan Description
DEVEREUX DEFINED CONTRIBUTION RETIREMENT PLAN Summary Plan Description Issued: January 1, 2019 TABLE OF CONTENTS INTRODUCTION... 1 ELIGIBILITY AND PARTICIPATION... 2 Eligibility... 2 Participation... 2
More informationSUMMARY PLAN DESCRIPTION. Equinix, Inc. 401(k) Plan
SUMMARY PLAN DESCRIPTION Equinix, Inc. 401(k) Plan Equinix, Inc. 401(k) Plan Equinix, Inc. 401(k) Plan SUMMARY PLAN DESCRIPTION...1 I. BASIC PLAN INFORMATION...2 A. ACCOUNT...2 B. BENEFICIARY...2 C. DEFERRAL
More informationSUMMARY PLAN DESCRIPTION FOR. Florida Tech Retirement Plan
SUMMARY PLAN DESCRIPTION FOR 1-1-2018 Table of Contents Article 1... Introduction Article 2... General Plan Information and Key Definitions Article 3... Description of Plan Article 4... Plan Contributions
More informationS U M M A R Y P L A N D E S C R I P T I O N Marvell Semiconductor 401(k) Retirement Plan
S U M M A R Y P L A N D E S C R I P T I O N Marvell Semiconductor 401(k) Retirement Plan This information is not intended to be a substitute for specific individualized tax, legal, or investment planning
More informationDOLLAR FINANCIAL GROUP RETIREMENT PLAN APPLICATION FOR HARDSHIP DISTRIBUTION
DOLLAR FINANCIAL GROUP RETIREMENT PLAN APPLICATION FOR HARDSHIP DISTRIBUTION Please complete each section and PRINT clearly. NOTE: If your home address is NOT a U.S. address, you must also complete a Form
More informationFiduciary Rule. Applicable June 9, 2017 Transitional period to 1/01/18 07/01/19 Impartial Conduct Standards
DOL Update Fiduciary Rule Applicable June 9, 2017 Transitional period to 1/01/18 07/01/19 Impartial Conduct Standards Act in investors best interest Charge reasonable compensation Avoid misleading statements
More informationUniversity of St. Thomas Retirement Plan
University of St. Thomas Retirement Plan Table of Contents Introduction... 3 Important Information About the Plan... 4 Joining the Plan... 5 Contributions to the Plan... 6 Managing Your Account... 12 Ownership
More informationThe New York-Presbyterian Hospital Tax Sheltered Annuity Plan
The New York-Presbyterian Hospital Tax Sheltered Annuity Plan TO OUR EMPLOYEES: We wish to announce that the Summary Plan Description ( SPD ) for the The New York- Presbyterian Hospital Tax Sheltered Annuity
More informationMFS 403(b) MUTUAL FUND CUSTODIAL AGREEMENT
MFS Investment Management MFS 403(b) MUTUAL FUND CUSTODIAL AGREEMENT Salary Reduction Plans Only MFS 403(b) MUTUAL FUND CUSTODIAL AGREEMENT (Salary Reduction Only) Effective July 1, 2010 TABLE OF CONTENTS
More informationAmerican Multi-Cinema, Inc. 401(k) Savings Plan
American Multi-Cinema, Inc. 401(k) Savings Plan Table of Contents Introduction... 3 Important Information About the Plan... 4 Joining the Plan... 5 Contributions to the Plan... 6 Managing Your Account...
More informationThe Solomon R. Guggenheim Foundation 403(b) Retirement Plan
The Solomon R. Guggenheim Foundation 403(b) Retirement Plan Table of Contents Introduction 3 Important Information About the Plan 4 Joining the Plan 6 Contributions to the Plan 8 Managing Your Account
More informationPresented by Jeffrey Levine, CPA/PFS, CFP, CWS, MSA Program Leader, Savvy IRA Planning. Copyright 2018 Fully Vested Advice, Inc.
Presented by Jeffrey Levine, CPA/PFS, CFP, CWS, MSA Program Leader, Savvy IRA Planning 7 Deadly IRA Sins 1) Rollover Blunders 2) Non-spouse Beneficiary Mistakes 3) Spousal Beneficiary Mistakes 4) Failing
More informationSUMMARY PLAN DESCRIPTION. Playhouse Square Foundation 401(k) Plan
SUMMARY PLAN DESCRIPTION Playhouse Square Foundation 401(k) Plan Playhouse Square Foundation 401(k) Plan SUMMARY PLAN DESCRIPTION OVERVIEW... 1 I. BASIC PLAN INFORMATION... 2 II. PARTICIPATION... 4 III.
More informationDesignated Roth Accounts From Deferral to Distribution Wednesday, May 1, 2013
Designated Roth Accounts From Deferral to Distribution Wednesday, May 1, 2013 William Grossman, ERPA, QPA, APR Director of Education & Communications McKay Hochman Co., Inc. Agenda Background Benefits
More informationNorth Carolina Public Employee Deferred Compensation Plan (NC 457 Plan)
North Carolina Public Employee Deferred Compensation Plan (NC 457 Plan) Revised December 14, 2017 Table of Contents Page Article I The Plan and the Trust... 1 Section 1.1 Establishment of the Plan... 1
More informationDEVEREUX DEFINED CONTRIBUTION RETIREMENT PLAN. Summary Plan Description
DEVEREUX DEFINED CONTRIBUTION RETIREMENT PLAN Summary Plan Description Issued: January 1, 2017 TABLE OF CONTENTS INTRODUCTION... 1 ELIGIBILITY AND PARTICIPATION... 2 Eligibility... 2 Participation... 2
More informationSUMMARY PLAN DESCRIPTION. M1 Support Services, L.P. 401(k) Plan
SUMMARY PLAN DESCRIPTION M1 Support Services, L.P. 401(k) Plan M1 Support Services, L.P. 401(k) Plan M1 Support Services, L.P. 401(k) Plan SUMMARY PLAN DESCRIPTION...1 I. BASIC PLAN INFORMATION...2 A.
More informationQUALIFIED RETIREMENT PLAN SUMMARY PLAN DESCRIPTION
QUALIFIED RETIREMENT PLAN SUMMARY PLAN DESCRIPTION SUPER SIMPLIFIED STANDARD INDIVIDUAL 401(K) PROFIT SHARING PLAN Plan Name: Your Employer has adopted the qualified retirement plan named above ( the Plan
More informationREQUEST FOR WITHDRAWAL OR SURRENDER FROM AN ANNUITY CONTRACT
REQUEST FOR WITHDRAWAL OR SURRENDER FROM AN ANNUITY CONTRACT Midwestern United Life Insurance Company ReliaStar Life Insurance Company, Minneapolis, MN ReliaStar Life Insurance Company of New York, Woodbury,
More informationSUMMARY PLAN DESCRIPTION FOR. Harford County Public Schools 403(b) Plan
SUMMARY PLAN DESCRIPTION FOR 1-1-2015 Table of Contents Article 1... Introduction Article 2... General Plan Information and Key Definitions Article 3... Description of Plan Article 4... Plan Contributions
More informationImportant Approaching Deadlines Please make note of these important approaching deadlines for calendar year plans:
Important Approaching Deadlines Please make note of these important approaching deadlines for calendar year plans: December 31, 2018 Final deadline for processing corrective actual deferral percentage
More information401(k) Basics Webcast
401(k) Basics Webcast Lisa H. Barton Elizabeth Kennedy www.morganlewis.com February 16, 2010 What Is a 401(k) Plan? A qualified cash or deferred arrangement within a tax-qualified profit sharing or stock
More informationSUMMARY PLAN DESCRIPTION FOR. Florida Tech Retirement Plan
SUMMARY PLAN DESCRIPTION FOR REFLECTING THE TERMS OF THE PLAN EFFECTIVE AS OF January 01, 2019 Contract No. FIT-001 Table of Contents Article 1... Introduction Article 2... General Plan Information and
More informationSUMMARY PLAN DESCRIPTION FOR. Plexus Corp. 401(k) Retirement Plan
SUMMARY PLAN DESCRIPTION FOR 1-1-2016 Massachusetts Mutual Life Insurance Company Table of Contents Article 1...Introduction Article 2...General Plan Information and Key Definitions Article 3... Description
More informationS U M M A R Y P L A N D E S C R I P T I O N Orora Packaging Solutions Profit Sharing and 401(k) Plan
S U M M A R Y P L A N D E S C R I P T I O N Orora Packaging Solutions Profit Sharing and 401(k) Plan This information is not intended to be a substitute for specific individualized tax, legal, or investment
More informationSUMMARY PLAN DESCRIPTION. Powell Industries, Inc. Employees Incentive Savings Plan
SUMMARY PLAN DESCRIPTION Powell Industries, Inc. Employees Incentive Savings Plan Effective 7/1/2018 Powell Industries, Inc. Employees Incentive Savings Plan SUMMARY PLAN DESCRIPTION... 1 I. BASIC PLAN
More informationYEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format
2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format UPDATED November 2, 2017 www.cordascocpa.com 2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION With year-end approaching, this
More informationJanuary 1, 2016 SUMMARY PLAN DESCRIPTION FOR NAVY EXCHANGE SERVICE COMMAND 401(k) PLAN
January 1, 2016 SUMMARY PLAN DESCRIPTION FOR NAVY EXCHANGE SERVICE COMMAND 401(k) PLAN Navy Exchange Service Command (NEXCOM) Employer Identification Number: 11-1644854 Plan Number: 003 This is only a
More informationPOLICIES. Austin Peay State University. Deferred Compensation Plans
Page 1 Austin Peay State University Deferred Compensation Plans POLICIES Issued: February 2, 2017 Responsible Official: Vice President for Finance and Administration Responsible Office: Human Resources
More informationSUMMARY PLAN DESCRIPTION. Wacker Neuson Corporation Bargaining Unit 401k Plan
SUMMARY PLAN DESCRIPTION Wacker Neuson Corporation Bargaining Unit 401k Plan Wacker Neuson Corporation Bargaining Unit 401k Plan SUMMARY PLAN DESCRIPTION... 1 I. BASIC PLAN INFORMATION... 2 II. PARTICIPATION...
More informationWellington Retirement Solutions, Inc. HARDSHIP APPLICATION
Wellington Retirement Solutions, Inc. HARDSHIP APPLICATION Instructions: Send a copy of your completed form to the Plan Sponsor for authorization. The 1099-R for this distribution will be attached to the
More informationSUMMARY PLAN DESCRIPTION. Transamerican Auto Parts 401k plan
SUMMARY PLAN DESCRIPTION Transamerican Auto Parts 401k plan Transamerican Auto Parts 401k plan SUMMARY PLAN DESCRIPTION...1 I. BASIC PLAN INFORMATION...2 A. ACCOUNT...2 B. BENEFICIARY...2 C. DEFERRAL CONTRIBUTION...2
More informationUnforeseen Emergency Withdrawal Application Form When submitting this form, Supporting Documentation must be attached. Please type or print
Unforeseen Emergency Withdrawal Application Form When submitting this form, Supporting Documentation must be attached. Please type or print Social Security Number Last Name First Name Middle Initial Mailing
More informationSUMMARY PLAN DESCRIPTION FOR. DIOCESE OF BUFFALO DEFINED CONTRIBUTION 403(b) RETIREMENT PLAN
SUMMARY PLAN DESCRIPTION FOR DIOCESE OF BUFFALO DEFINED CONTRIBUTION 403(b) RETIREMENT PLAN This is only a summary intended to familiarize you with the major provisions of the Plan. You should read this
More informationREQUEST FOR DISTRIBUTION
Normal Processing RUSH Processing (Additional $60 Fee applies except for QDRO) REQUEST FOR DISTRIBUTION Note: Time sensitive material. Please complete this form carefully. Missing information may delay
More information401(k) Plan (Non-Sales Rep Employees)
401(k) Plan (Non-Sales Rep Employees) The Stryker Corporation 401(k) Savings and Retirement Plan gives participants a way to save for their future financial needs. Important This summary plan description
More informationThe NewYork-Presbyterian Hospital Tax Sheltered Annuity Plan
The NewYork-Presbyterian Hospital Tax Sheltered Annuity Plan TO OUR EMPLOYEES: We wish to announce that The New York-Presbyterian Hospital Tax Sheltered Annuity Plan ( Plan ) has been amended, effective
More informationSUMMARY PLAN DESCRIPTION. Canal Insurance Company 401(k) Savings and Investment Plan
SUMMARY PLAN DESCRIPTION Canal Insurance Company 401(k) Savings and Investment Plan Canal Insurance Company 401(k) Savings and Investment Plan SUMMARY PLAN DESCRIPTION...1 I. BASIC PLAN INFORMATION...2
More informationARCHDIOCESE OF WASHINGTON RETIREMENT SAVINGS PLAN. SUMMARY OF 403(b) PLAN PROVISIONS
ARCHDIOCESE OF WASHINGTON RETIREMENT SAVINGS PLAN SUMMARY OF 403(b) PLAN PROVISIONS Effective: May 3, 2017 TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN ARTICLE I PARTICIPATION IN THE PLAN Am I eligible
More informationSUMMARY PLAN DESCRIPTION. UNITED SUPERMARKETS, L.L.C. 401(k) RETIREMENT AND SAVINGS PLAN
SUMMARY PLAN DESCRIPTION UNITED SUPERMARKETS, L.L.C. 401(k) RETIREMENT AND SAVINGS PLAN Updated as of November 23, 2011 Important Note This booklet is called a Summary Plan Description ( SPD ) and is intended
More informationNorth Carolina Public School Teachers and Professional Educators Investment Plan 403(b) Volume Submitter Plan
SPECIMEN DOCUMENT 12/14/17 North Carolina Public School Teachers and Professional Educators Investment Plan 403 Volume Submitter Plan Base Plan Document [Note: This document has been amended since the
More informationDOLLAR FINANCIAL GROUP RETIREMENT PLAN SUMMARY PLAN DESCRIPTION
DOLLAR FINANCIAL GROUP RETIREMENT PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?...1 What information does this Summary provide?...1 ARTICLE I PARTICIPATION
More informationEQUI-VEST Strategies. Hardship Withdrawal Request for TSA Plans for use with the Independent Benefits Council (IBC) Program. o Yes o No.
EQUI-VEST Strategies Hardship Withdrawal Request for TSA Plans for use with the Independent Benefits Council (IBC) Program Requirements Express Mail: AXA Equitable EQUI-VEST Processing Office 100 Madison
More information403(b) PLANS A GUIDE FOR PUBLIC SCHOOL SYSTEMS
403(b) PLANS A GUIDE FOR PUBLIC SCHOOL SYSTEMS January 2017 This guide is not intended and may not be used to avoid tax penalties, and was prepared to support the promotion or marketing of the matters
More informationYour Georgia-Pacific LLC Hourly 401(k) Plan Summary Plan Description
Your Georgia-Pacific LLC Hourly 401(k) Plan Summary Plan Description 1 Table of Contents Introduction... 1 Eligibility... 2 If You Transfer... 2 When Participation Ends/Inactive Status... 2 Re-employment...
More informationSafe Harbor Explanations Eligible Rollover Distributions. Notice I. PURPOSE
Safe Harbor Explanations Eligible Rollover Distributions Notice 2018-74 I. PURPOSE This notice modifies the two safe harbor explanations in Notice 2014-74, 2014-50 I.R.B. 937, that may be used to satisfy
More informationStock Market Sell-Off! What Stock Market Sell-Off? PAGE 3. Stop Making Excuses And Start Saving PAGE 4. Hurricane IRMA Relief. Year End Strategies
Vol. 18 No. 4 OCTOBER 2017 NEWS Stock Market Sell-Off! What Stock Market Sell-Off? PAGE 3 Stop Making Excuses And Start Saving PAGE 4 Hurricane IRMA Relief PAGE 5 8 PA Year End Strategies PAGE 6 8 PA Table
More informationHardship Withdrawal Guidelines
1015 A Street Tacoma, WA 98402 800-610-8920 TrueBlue.com NYSE Symbol: TBI Hardship Withdrawal Guidelines If you experience certain financial hardships while you are employed, you can request payment of
More informationSupplemental Retirement Plan Comparison Chart
Supplemental Retirement Plan Comparison Chart This table summarizes the major provisions of and the State (of Illinois) Employees Deferred. Every effort has been made to make this table as accurate as
More informationEOI SERVICE COMPANY, INC. RETIREMENT & SAVINGS PLAN SUMMARY PLAN DESCRIPTION
EOI SERVICE COMPANY, INC. RETIREMENT & SAVINGS PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?... 1 What information does this Summary provide?... 1
More informationSummary Plan Description
Summary Plan Description Zara USA, Inc. 401(k) Profit Sharing Plan and Trust SUMMARY PLAN DESCRIPTION Zara USA, Inc. 401(k) Profit Sharing Plan and Trust SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION
More informationSUMMARY PLAN DESCRIPTION. The BMW Store 401(k) Retirement Plan
SUMMARY PLAN DESCRIPTION The BMW Store 401(k) Retirement Plan The BMW Store 401(k) Retirement Plan SUMMARY PLAN DESCRIPTION OVERVIEW... 1 I. BASIC PLAN INFORMATION... 2 II. PARTICIPATION... 3 III. CONTRIBUTIONS...
More informationSUMMARY PLAN DESCRIPTION FOR. Independent Support Services, Inc. 403(b) Plan
SUMMARY PLAN DESCRIPTION FOR Independent Support Services, Inc. 403(b) Plan 1-1-2018 Table of Contents Article 1...Introduction Article 2...General Plan Information and Key Definitions Article 3...Description
More informationSAVE MART SUPERMARKETS RETIREMENT SAVINGS PLAN SUMMARY PLAN DESCRIPTION
SAVE MART SUPERMARKETS RETIREMENT SAVINGS PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?... 1 What information does this Summary provide?... 1 ARTICLE
More information