News & Analysis as of

401k Internal Revenue Service Hardship Distributions

Kaufman & Canoles

ESOPs, Benefits & Compensation Q2 2024 Client Update

Kaufman & Canoles on

On behalf of the ESOPs, Benefits & Compensation team, we hope your Summer is off to a great start. In the time of family vacations and out-of-office replies, the pace of employee benefits changes—both large and small—remains...more

Fisher Phillips

IRS Grab Bag Brings Clarity to Certain SECURE Act 2.0 Provisions: 6 Biggest Points for Employers

Fisher Phillips on

Employers that sponsor retirement plans continue to have a lot on their plate. With SECURE Act 2.0 requirements now in play, this legislation continues to add more and more to your (already) overflowing plate. However, as is...more

Bond Schoeneck & King PLLC

Retirement Plan Amendment Deadlines

As we approach the end of 2021, it is a good time to review upcoming year-end plan amendment deadlines applicable to retirement plans. Employers should review their plans with their providers and advisers to determine if any...more

Verrill

December 31 Sunset of Safe Harbor Correction Method for Certain Elective Deferral Failures Benefits Law Update

Verrill on

A special IRS-approved correction method available for elective deferral failures in 401(k) and 403(b) plans with automatic contribution features will sunset on December 31, 2020, meaning it will not be available to correct...more

Seyfarth Shaw LLP

Out for a Penny, Out for a Pound? IRS Provides Employees Opportunity to Cancel Non-Qualified Deferral Elections through...

Seyfarth Shaw LLP on

Seyfarth Synopsis: As Seyfarth has blogged about on multiple occasions, the CARES Act provides participants in tax-qualified retirement plans the opportunity to request distributions on a tax-favored basis by self-certifying...more

Jackson Lewis P.C.

Mid-Year Safe Harbor Design Changes In A COVID-19 World

Jackson Lewis P.C. on

As COVID-19 continues its upheaval of nearly all aspects of life, retirement plan administration included (see some of our prior discussions here, here, here and here), the Internal Revenue Service recently issued guidance...more

Jackson Walker

Additional Clarity for Employers and Retirement Plan Administrators on Coronavirus Relief Under the CARES Act

Jackson Walker on

After the CARES Act was enacted, plan administrators had questions regarding how to determine if a participant is eligible to receive a Coronavirus distribution, Coronavirus loan, or delay of loan payments because a...more

Bass, Berry & Sims PLC

COVID-19: Retirement Plan FAQs

This set of FAQs is part of a series dealing with the impact of COVID-19 on businesses. Government-mandated protocols and social distancing directives as a result of the COVID-19 pandemic have led to significant business...more

Amundsen Davis LLC

The CARES Act Impact On Your Personal Finances And Retirement Accounts

Amundsen Davis LLC on

You have probably been hearing in the news that the government is going to mail each taxpayer a check in the next few weeks. Those checks are actually being called “rebates” and not every taxpayer is eligible. However, the...more

Dentons

401(k) Withdrawals Because of Coronavirus/COVID-19

Dentons on

Many businesses, families, and individuals are seeing personal financial impacts from the COVID-19 pandemic. Individuals facing difficult choices about paying their bills are asking their employers if they can withdraw from...more

Sherman & Howard L.L.C.

Retirement Plans And COVID-19 Considerations

This past period of time has brought much uncertainty to the world as well as to employers with retirement plans that have been impacted by COVID-19. This advisory provides insights and guidance to consider for...more

Jackson Lewis P.C.

When To Amend: Deadline For Compliance With Hardship Distribution Regulations Clarified

Jackson Lewis P.C. on

The Bipartisan Budget Act of 2018 and the Tax Cuts and Jobs Act of 2017 liberalized the hardship distribution rules applicable to 401(k) and 403(b) plans. On September 23, 2019, the IRS issued final regulations — which we...more

Clark Hill PLC

IRS 2019 Required Amendments List Requires Individually Designed 401(k) and 403(b) Plans to be Amended by Dec. 31, 2021, for...

Clark Hill PLC on

In a previous alert, IRS Adopts Final Regulations Changing Hardship Distributions, we analyzed the IRS’s recently issued final hardship distribution regulations....more

Patterson Belknap Webb & Tyler LLP

Planning for 2020: Changes to Hardship Distribution Rules and Amendment Deadlines

On September 23, 2019, the Department of Treasury published the final regulations relating to changes to the hardship distribution rules that apply to qualified retirement plans and 403(b) plans, that were enacted under the...more

Dickinson Wright

IRS Publishes 2019 Required Amendment List for Individually-Designed Retirement Plans

Dickinson Wright on

The IRS recently issued its “Required Amendment List,” which contains the annual list of amendments that must be adopted by certain individually-designed retirement plans. This year, the List includes the requirements imposed...more

Flaster Greenberg PC

New Retirement Plan Hardship Distribution Rules: What You Need to Know

Flaster Greenberg PC on

The IRS recently amended the rules applicable to hardship distributions from 401(k) and 403(b) plans. The new hardship distribution regulation relaxes some of the restrictions on the availability of hardship distributions...more

Locke Lord LLP

IRS Issues Final Regulations on 401(k) Hardship Distributions

Locke Lord LLP on

The Internal Revenue Service recently published final regulations modifying the rules relating to hardship distributions from Sections 401(k) and 403(b) plans. The final regulations reflect statutory changes affecting...more

Snell & Wilmer

IRS Issues Final Regulations for Hardship Distributions

Snell & Wilmer on

We previously reported on the Bipartisan Budget Act (the “Budget Act”) hardship distribution rule changes for qualified retirement plans. On September 23, 2019, the IRS issued final regulations implementing certain statutory...more

Verrill

Final Regulations on 401(k) Hardship Withdrawals

Verrill on

In September, the Treasury Department issued final regulations governing hardship withdrawals from 401(k) plans. The final regulations update the existing 2004 regulations to reflect recent statutory changes made to the...more

Snell & Wilmer

2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

Snell & Wilmer on

As 2019 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered health and welfare...more

Amundsen Davis LLC

IRS Updates 401(k) Hardship Distribution Rules – Are You Ready?

Amundsen Davis LLC on

On September 23, 2019 the IRS issued final regulations updating the rules governing hardship distributions from 401(k) and 403(b) plans. They are generally similar to the proposed regulations issued late last year and...more

McDermott Will & Emery

Smarter and Not Harder: The New IRS Hardship Distribution Regulations

McDermott Will & Emery on

The Treasury Department and the IRS recently finalized new hardship distribution rules applicable to defined contribution plans. Plan sponsors should prepare for operational changes to comply with the new regulations,...more

Kelley Drye & Warren LLP

IRS Issues Final Hardship Distribution Rules

Kelley Drye & Warren LLP on

The Internal Revenue Service has recently issued final regulations easing requirements for hardship distributions from 401(k) and 403(b) plans. The final regulations reflect a number of statutory changes, including those made...more

Bricker Graydon LLP

401(k) and 403(b) plans must be updated January 1, 2020

Bricker Graydon LLP on

The IRS recently issued final regulations to standardize the administration of hardship distributions. Plans that permit hardship distributions must implement operational changes for hardship distributions by January 1, 2020,...more

Perkins Coie

IRS Finalizes Changes to 401(k) Hardship Distribution Rules

Perkins Coie on

The Internal Revenue Service issued final regulations on September 19, 2019, easing the 401(k) hardship distribution rules. The final regulations are substantially similar to the proposed regulations issued late last year,...more

110 Results
 / 
View per page
Page: of 5

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide