Making Hardship Distributions Easier
Since the economic downtown began, more participants have been requesting hardship distributions from their retirement savings accounts. In response, for plans which have specified The Standard to be the Manager of Approval Process (MAP), The Standard developed simplified guidelines for approvals that sped up our maximum handling time by 26 percent. Once we receive all required documentation, participants can expect a determination in two business days.
We also created a dedicated fax line for hardships, so participants can submit paperwork directly. And we created a process to prioritize evictions and foreclosures over other less urgent hardship requests. These positive changes help give our participants a seamless, supportive experience during what can be a difficult personal situation.
Please note that if The Standard has not been designated as the MAP, the plan sponsor remains responsible for determining distributions. If you have any questions about this process please contact: RPProcessHardship@standard.com.