News & Analysis as of

Defined Contribution Plans Hardship Distributions

Tucker Arensberg, P.C.

IRS Broadens Eligibility for COVID-19 In-Service Distributions and Participant Loans Under DC Plans

Tucker Arensberg, P.C. on

On June 19, the IRS issued Notice 2020-50.  It expounds on the rules for in-service withdrawals and participant loans for defined contribution (DC) plans for participants adversely affected by the COVID-19 pandemic. The...more

Davis Wright Tremaine LLP

The CARES Act: Summary of Key Provisions Affecting Employee Benefit Plans

This advisory summarizes key provisions in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) applying to employee benefit plans. We provide a summary of key items and more detailed FAQs relating to...more

Neal, Gerber & Eisenberg LLP

How Employees May Access Their Retirement Savings in 2020

As furloughs and layoffs become increasingly prevalent during the response to the coronavirus crisis, employees may be looking for options for receiving emergency funds from their employer’s qualified retirement plan. ...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Puerto Rico Issues Guidance for Disaster Relief Distributions From Tax-Qualified Retirement Plans Due to 2020 Earthquakes

In response to the earthquakes that since January 6, 2020, have shaken Puerto Rico, on February 18, 2020, the Puerto Rico Department of the Treasury (known by its Spanish name as “Hacienda”) issued Circular Letter of Internal...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

McDermott Will & Emery

Hardship Distribution Changes: What's Next?

McDermott Will & Emery on

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

Kelley Drye & Warren LLP

New Tax Law Impact on Employee Benefits and Compensation

At the end of 2017, President Trump signed into law The Tax Cuts and Jobs Act (the “Act”) that includes significant changes in the employee benefits area, most of which became effective on January 1, 2018. The following is a...more

Orrick, Herrington & Sutcliffe LLP

New Tax Bill Eliminates Many Popular Individual Deductions/Exclusions, Adds Excise Tax and Clarifies IRA/Pension Provisions

On November 2, 2017, House Republicans released their highly anticipated tax reform proposal formally named the Tax Cuts and Jobs Act (the "Act"). The Act must be approved by both the House and the Senate and signed by the...more

Seyfarth Shaw LLP

IRS and DOL Provide Relief for Plan Sponsors and Participants Affected by Hurricane Harvey

Seyfarth Shaw LLP on

The Internal Revenue Service (IRS) and Department of Labor (DOL) issued temporary relief on deadlines and procedural requirements applicable to employee benefit plans for employers impacted by Hurricane Harvey. ...more

Snell & Wilmer

Electronic Self-Certification for Hardship Distributions is Not Sufficient

Snell & Wilmer on

In its April 1, 2015 Employee Plans News, the IRS stated that defined contribution plan sponsors must maintain hardship distribution records and that plan sponsors cannot rely on electronic participant self-certification for...more

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