PODCAST: Williams Mullen's Benefits Companion - New Hardship Distribution Regulations for 401(k) Plans
The COVID-Related Tax Relief Act of 2020, the Taxpayer Certainty and Disaster Tax Relief Act of 2020, and the No Surprises Act, all part of the Consolidated Appropriations Act, 2021 (CAA, 2021), which was signed into law on...more
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
In its ongoing effort to help individuals affected by the Coronavirus (COVID-19) pandemic, Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) on March 27, 2020. The president signed the CARES...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
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
The Coronavirus Aid, Relief, and Economic Security Act (CARES) made short-term changes to the rules for withdrawals from 401(k), 401(a), 403(b) and 457(b) plans and IRAs for qualifying emergencies and adverse financial...more
As you may have heard, the new “CARES” Act signed on March 27, 2020 creates a new “Coronavirus Related Distribution” option for participants in retirement plans who meet one of the following qualifications...more
Key provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020 that affect retirement plans include the following...more
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) has a significant impact on employee benefit and retirement plans. The following summary highlights the changes...more
The Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted on Friday, March 27, 2020, there have been changes to retirement plans. In-Service Distributions - The Act waives the 10% excise tax that...more
With the economy in a free-fall and the U.S. government scrambling to create a financial safety net for citizens, giving access to tax-qualified retirement savings was a natural piece of Congress’ plan to loosen the grip on...more
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act), enacted on March 27, 2020, contains a number of provisions which directly impact tax-qualified retirement plans of non-governmental employers, which we...more
President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), providing liquidity and other economic relief to individuals, families, and businesses facing the hardships of the coronavirus...more
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
The closure orders issued by federal and state government authorities across the United States have resulted in the reduction and loss of income for a significant percentage of the U.S. workforce. ...more
Following nearly a week of intense negotiations, the Senate passed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”) on March 25, and the House passed the Act and the President signed the...more
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
Over the last several days there have been several announcements and some changes for benefit plans to consider. From now available options, like disaster relief payments, and clarity on when and how health benefits can be...more
The FDIC, OCC, and Massachusetts Division of Banks (DOB) each have recently issued updated guidance on accommodations for customers that banks should consider to address the financial needs of borrowers and depositors who...more
Morgan Lewis recently submitted a comprehensive list of IRS relief recommendations to the head of the IRS Office of Chief Counsel....more
On September 29, 2017, President Trump signed the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”). In addition to extending the funding for the Federal Aviation Administration, the Act contained...more