Updated August 24, 2023 The Tax Code requires participants in workplace retirement savings plans to begin withdrawing a minimum amount, a required minimum distribution (RMD), annually by a specific date triggered by age. A retirement plan may force those withdrawals…

Updated January 23, 2024 SECURE 2.0 created several optional distribution types providing employees with easier access to workplace savings accounts when faced with the unexpected. These distributions are penalty-free, meaning the 10% excise tax on withdrawals taken before age 59…

Updated August 24, 2023 Increase in ‘Force Out’ Threshold from $5,000 to $7,000 for Former Employees Maintaining former employee accounts with small balances has long been complicated and costly. While optional, many plans already include an automatic cashout provision for…

Historically, certain non-elective and matching contributions made by the employer, earnings on those contributions along with those on employee deferrals in 403(b) plans were not available for hardship withdrawals. Additionally, if a plan allowed for loans, a participant was required…