What are the new self-certification rules?

In the past, the plan administrator was responsible for reviewing documentation to determine if a participant was eligible to take a withdrawal. Now, plan administrators may rely on a participant's written certification that they meet eligibility for specified hardship withdrawal reasons from a 403(b) plan or specified unforeseeable withdrawal reasons in a governmental 457(b) plan.

Participants can also now self-certify that the amount of distribution is not in excess of the amount required to meet their financial need.