I was an attorney for a third party administrator (TPA) in 2007 and one of our plan administrator said that a specific 401(k) plan we were the TPA for had a 7 year graded vesting schedule for matching contributions. The only problem is that 7 graded schedules were outlawed for matching contributions in 2002.
For 401(k) plans that permit hardship distributions, the rules changed, beginning on January 1, 2020. Make sure that your plan sponsors clients are administering their plan to the following mandatory changes.:
All plans must be amended by the end of 2020. Make sure the amendment gets put in place too.