Art of the Qualified Plan Audit

A benefit of 457(b) plans is that participants have the opportunity to contribute the maximum deferral contribution to both the 457(b) plan and another qualified plan.

Administering hardship distributions correctly is important to prevent the hardship of completing a correction of an error in administration. Often, plan officials assume that their third party administrator is collecting all the information necessary for the approval and proper processing of a hardship, when that is not always the case.