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
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
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
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
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
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
Earlier this year, we summarized proposed Treasury regulations and the Bipartisan Budget Act of 2018, which made changes to the rules governing hardship distributions from 401(k) and 403(b) plans....more
On September 23, 2019, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) published final regulations that modify the hardship distribution rules for profit sharing, 401(k), 403(b), and eligible...more
On September 23, 2019 the Internal Revenue Service (“IRS”) issued final regulations amending the rules for hardship distributions from 401(k) and 403(b) plans (the “Final Regulations”)....more
The Internal Revenue Service (the “IRS”) issued final regulations, effective September 23, 2019 (the “Final Regulations”), that modify the hardship distribution rules for plans established under Section 401(k) of the Internal...more
The Internal Revenue Service on September 23 finalized proposed regulations relating to hardship distributions under an IRC 401(k) plan. The final regulations differ little from the proposed regulations published on November...more
In 2018, the Treasury Department and the IRS issued new hardship distribution rules applicable to defined contribution plans, and many plans have begun administering these new rules. While plan sponsors may want to wait for...more
• The Internal Revenue Service (IRS) has updated its Operational Compliance List for retirement plans with a number of changes that take effect in 2019, with a focus on changes to hardship distributions. • The Operational...more
On February 9, 2018, the Bipartisan Budget Act (the “Act”) was signed into law. The Act directed the IRS to revise regulations governing hardship withdrawal provisions in qualified plans. ...more
This time of year, gift-givers may feel rich in spirit but otherwise penniless. They may ask whether they can receive a hardship distribution from their 401(k) account when faced with a not-so-holly or jolly bank statement at...more
On November 14, 2018, the Internal Revenue Service (“IRS”) released Proposed Regulations to implement and expand upon the changes to 401(k) hardship distribution rules, previously mandated by the Bipartisan Budget Act of 2018...more
While not exactly a Thanksgiving “miracle,” many retirement plan sponsors were no doubt thankful for the IRS’ recent issuance of proposed regulations (the “Proposed Regs”) addressing changes to the Code §401(k) and 403(b)...more
The Internal Revenue Service (IRS) recently published proposed regulations covering 401(k) hardship distributions that, once finalized, will provide favorable changes for plan sponsors and participants. The regulations...more
Over the past several years, Congress has made certain changes to the rules that govern financial hardship withdrawals from 401(k) plans. A number of these changes override provisions in existing IRS regulations, and with...more
Otis Redding and the Black Crowes may have proclaimed themselves “hard to handle now,” but thanks to recent guidance from the Internal Revenue Service (IRS), hardship distributions from 401(k) plans are a bit less hard to...more
The IRS has issued proposed regulations on hardship distributions under section 401(k) and 403(b) plans (“Proposed Regulations”), addressing issues raised by the Bipartisan Budget Act of 2018 (“Budget Act”) and the 2018 Tax...more
Earlier this month, the IRS proposed changes to existing rules governing distributions from 401(k) and 403(b) plans on account of certain financial hardships. The proposed regulations reflect several statutory changes enacted...more
The IRS has issued proposed regulations affecting hardship distributions under 401(k) plans. The regulations would implement changes made by the Bipartisan Budget Act of 2018, and are updated for several earlier legislative...more
The IRS recently issued proposed amendments to regulations concerning 401(k) plan hardship distributions. The proposed regulations address changes to hardship distribution rules from the Bipartisan Budget Act of 2018 and...more
With Thanksgiving on the horizon, now is the time to check on end of year changes for compliance for your 401(k), 403(b) and other defined contribution pension plans. ...more