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”). The Final Regulations modify the hardship requirements to reflect statutory changes and directives introduced by the Bipartisan Budget Act of 2018, the Tax Cuts and Jobs Act of 2017
Understanding Employee Benefits and key developments in the employee benefits field and items of interest to our clients. MORE
401(k)
Stuck Between the IRS and the NLRB
By Stinson LLP on
Employers who sponsor 401(k) plans know that distributions from those plans can be made only on certain allowable events, such as separation from service. While an employee is still employed, distributions can be made after age 59½ or as a result of financial hardship. Defined benefit pension plans face similar restrictions on in-service distributions before …
Section 401(k) Compliance Check Questionnaire — Interim Report Issued
By Stinson LLP on
Those of you interested in data regarding the prevalence of certain features in 401(k) plans may find of interest the Interim Report on the Section 401(k) Compliance Check Questionnaire. This is the first report of the IRS on the extensive questionnaire that it sent to sponsors of 401(k) plans a year or so ago. …