News & Analysis as of

Hardship Distributions Final Rules

Snell & Wilmer

IRS Publishes 2019 Required Amendments List

Snell & Wilmer on

In our 2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Plans, we suggested that sponsors of all qualified retirement plans should be on the lookout for the Internal Revenue Service’s (“IRS”) 2019 Required...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

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

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

Laner Muchin, Ltd.

IRS Finalizes Hardship Distribution Regulations For Qualified Retirement Plans

Laner Muchin, Ltd. on

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

Troutman Pepper

Final Regulations Issued for Hardship Distributions From Qualified Retirement Plans

Troutman Pepper on

As we wrote in November 2018, the Treasury Department issued proposed regulations that significantly relaxed many rules governing hardship distributions from qualified plans, including eliminating requirements that employee...more

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

Final IRS Regulations for Hardship Distributions Incorporate a Decade of Legislative Changes

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

Stinson - Benefits Notes Blog

IRS Final Regulations Amend Hardship Distribution Rules for 401(k) and 403(b) Plans

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

Foley & Lardner LLP

Final Regulations on Hardship Distributions: Not Much New News is Good News

Foley & Lardner LLP on

If your company sponsors a 401(k) or 403(b) plan that allows participants to take hardship distributions, you probably had a conversation with your plan recordkeeper last year about changes to the rules on hardship...more

Proskauer - Employee Benefits & Executive...

Final Hardship Distribution Regulations, Part Three: New Disaster Relief and Expanded Sources Available for Hardship Distributions

The IRS recently released final regulations making a number of changes to the rules applicable to hardship distributions from 401(k) and 403(b) plans. Concluding our three-part series on the final regulations, this blog entry...more

Dechert LLP

Reducing Administrative Hardship – IRS Releases Final Regulations Relating to Hardship Distributions for Section 401(k) Plans

Dechert LLP on

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

Ballard Spahr LLP

U.S. Treasury Changes 401(k) and 403(b) Hardship Withdrawal Rules

Ballard Spahr LLP on

The U. S. Department of the Treasury recently issued final regulations governing hardship distributions from 401(k) and 403(b) retirement savings plans....more

Proskauer - Employee Benefits & Executive...

Final Hardship Distribution Regulations, Part Two: Implementation Considerations

As discussed in our prior blog entry, the IRS recently released final regulations making a number of significant changes to the rules applicable to hardship distributions from 401(k) and 403(b) plans. As part of our...more

Proskauer - Employee Benefits & Executive...

Final Hardship Distribution Regulations, Part One: Key Changes and Deadlines for Plan Sponsors

Last week, the Department of Treasury and the IRS issued final regulations regarding hardship distributions from 401(k) and 403(b) plans. The final regulations respond to comments based on earlier proposed regulations and...more

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