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401K - Fidelity

All employees are eligible to participate by enrolling onto the Fidelity file once a record has been set up for them. After receiving the participants data, Fidelity sets up the record. How can a company tell when a record has been set up on Fidelity?

Hardship Withdrawals: What are the acceptable hardship reasons? What sources are eligible for hardship withdrawal and how is this monitored?

Final Distributions: How does a participant initiate distribution process?
Are all required forms and waivers sent to participant?
What is the process for certifying participant has terminated employment?
How is participants election processed?
What reconciliations are performed to ensure payments in proper forms and amount?
How are federal and state withholding requirements applied?
Are addresses verified?
How are payments remitted to participant? How is bank information verified?

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All employees are eligible to participate by enrolling onto the Fidelity file once a record has been set up for them. After receiving the participant's data, Fidelity sets up the record. How can a company tell when a record has been set up on Fidelity?
The details of the fidelity account are available online when requested by the participant. The details include the date when the account has been set up. Another method is to ask Fidelity for a certification and they provide the details to the employer.

Hardship Withdrawals: What are the acceptable hardship reasons? What sources are eligible for hardship withdrawal and how is this monitored?
Accepted hardship withdrawals are:
1. Specified medical expenses for employee, spouse and dependents:
2. Purchase of primary residence:
3. Payments of post-secondary education expenses for the next year for employee, spouse and dependents:;
4. To prevent eviction from or foreclosure on primary home;
The retirement funds are eligible for hardship withdrawals and the company that employs you does not provide this withdrawal so the plan administrator has to be approached. The monitoring is done by the plan administrator that the withdrawal is necessary due to immediate need, the withdrawal ...

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