PODCAST: Williams Mullen's Benefits Companion - New Hardship Distribution Regulations for 401(k) Plans
The Internal Revenue Service (IRS) recently released two notices that provide additional guidance for retirement plan administrators and qualified individuals about the special distribution, plan loan, and required minimum...more
On June 19 and 23, 2020, the IRS issued additional guidance (IRS Notices 2020-50 and 2020-51) clarifying and expanding relief for retirement plan participants under the Coronavirus Aid, Relief and Economic Security Act (CARES...more
The IRS recently issued Notice 2020-50, which expands relief provided for retirement plan distributions and loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Distributions - Under the CARES...more
On May 4, 2020, the Internal Revenue Service (IRS) issued informal guidance regarding the coronavirus-related distributions (CRD) and loan options provided for retirement plans and participants under Section 2202 of the...more
Employer-sponsors of certain retirement plans have work to do prior to the end of 2019. Sponsors of Internal Revenue Code ("Code") section 401(k) and 403(b) plans must analyze their plan documents and associated...more
Substantiation Requirement Clarified for Examination Purposes - Over the past few years, employers and plan administrators have frequently asked how hardship withdrawal requests can/should be substantiated from 401(k)...more