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RELATED RESOURCES

New hardship distribution rules and how plan sponsors should respond

Because hardship withdrawals permanently reduce an employee’s account balance, the IRS has placed stringent rules on how and when a participant can take a distribution — even if it’s for a financial need. The IRS has issued final rules that will relax some of the more arduous guidelines. The new guidelines are set to take effect January 1, 2020, and some of them are mandatory for plan sponsors to adopt.

eBook: Business succession planning: Protecting your financial security and your company’s future

Assuming a significant portion of the assets that you have accumulated are in the form of a privately held business, planning is important, and so is timing Unfortunately, life doesn’t come with guarantees. That calls for contingency planning to make sure that you or your family receive a realistic value for the equity stake you have in your business in the event of the unexpected.

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The veiled risk: A look at cybersecurity, liability and your 401(k) plan

Experts fear that the risks a cyber security breach of a retirement plan or its provider could prove more detrimental than past breaches because of the direct tie between personally identifiable information and a retirement plan’s assets. Congress thinks so too. In February 2019, Senator Patty Murray, D-Washington, and Congressman Bobby Scott, D-Virginia, sent a letter to the U.S. Government Accountability Office (GAO), requesting that the GAO examine the cybersecurity of the retirement system.