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
403(b)
Current Challenges and Best Practices for ERISA Compliance for 403(b) Plan Sponsors
By Stinson LLP on
The Department of Labor recently posted the report of the ERISA Advisory Council on Current Challenges and Best Practices for ERISA Compliance for 403(b) Plan Sponsors. The report contains a good side by side comparison of 403(b) and 401(k) plans that may be of interest to plan sponsors eligible for both types of plans…