Many plans offer hardship distributions as an option for participants. This article by the IRS highlights the important factors to remember when administering hardship distributions from your plan.
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The saver's credit is an income tax credit of up to 50% of 401(k) employee contributions that is available for certain taxpayers with income that does not exceed $65,000.
Section 113 of the SECURE Act amends the tax laws to allow employees to take a penalty-free withdrawal for qualified birth or adoption expenses.