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IRS Proposes New Hardship Distribution Regulations; Regulations to Prohibit Deferral Suspensions Beginning 2020 and Provide a New...

The Internal Revenue Service (“IRS”) has issued proposed regulations that would change the rules for hardship distributions from 401(k) and 403(b) plans. The hardship distribution rules allow participants in these plans who...more

Tax Code Changes Require Examination of Hardship Withdrawals

Hardship withdrawals from 401(k) plans have been impacted by the recent legislative enactments revising the Internal Revenue Code (the “Code”). The Tax Cuts and Jobs Act, signed into law in late 2017, indirectly limited the...more

IRS Updates Substantiation Procedures for Hardship Distributions

Hardship distributions allow qualified plan participants to withdraw funds from their qualified plan accounts without separating from service when participants experience an immediate and heavy financial need. ...more

Budget Act Includes Qualified Retirement Plan Provisions

The two-year budget bill passed by Congress and signed by the President in the early morning hours of February 9, 2018—entitled the Bipartisan Budget Act of 2018 (the “Budget Act”)—not only funded the federal government for...more

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