News & Analysis as of

401k Tax Cuts and Jobs Act Internal Revenue Service

Woodruff Sawyer

2024 Compliance Hot Topics

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Congratulations to everyone for successfully safely navigating your health plans out of the pandemic crisis. We will review some of the key 2024 compliance hot topics you should know about in this annual benefits legislative...more

Blank Rome LLP

Defaulting 401(k) Plan Borrowers in the Time of COVID

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The great majority of 401(k) plans allow participants to borrow against their plan benefits. These loans are secured by the borrowing participant’s plan account and are typically repaid by withholding amounts from the...more

Jaburg Wilk

Tax Relief to Help Weather the Storm of COVID-19

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As the COVID-19 pandemic has wreaked havoc on our personal, financial and business lives, the government has responded with legislative and administrative relief.  This is a high-level summary of some of the enacted measures...more

Flaster Greenberg PC

New Retirement Plan Hardship Distribution Rules: What You Need to Know

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The IRS recently amended the rules applicable to hardship distributions from 401(k) and 403(b) plans. The new hardship distribution regulation relaxes some of the restrictions on the availability of hardship distributions...more

Amundsen Davis LLC

IRS Updates 401(k) Hardship Distribution Rules – Are You Ready?

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On September 23, 2019 the IRS issued final regulations updating the rules governing hardship distributions from 401(k) and 403(b) plans. They are generally similar to the proposed regulations issued late last year and...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

Dechert LLP

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

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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

Verrill

Recap of Change to Retirement Plan Rollover Rules for Plan Loan Offsets

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The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) includes a provision that changed the rollover rules for certain plan loan offset distributions and that may not be well known to retirement plan sponsors and participants. ...more

King & Spalding

Compensation and Benefits Insights - September 2018

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The IRS recently updated its two model safe harbor explanations that can be used to satisfy the requirement under Section 402(f) to provide notices setting forth certain information to participants who are eligible for...more

Kilpatrick

Tax Code Changes Require Examination of Hardship Withdrawals

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Hardship withdrawals from 401(k) plans have been impacted by the recent legislative enactments revising the Internal Revenue Code (the “Code”). The Tax Cuts and Jobs Act, signed into law in late 2017, indirectly limited the...more

Kilpatrick

Tax Reform Requires Plan Sponsors to Update 401(k) Plan Special Tax Notices

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Section 402(f) of the Internal Revenue Code (the “Code”) requires plan sponsors to give written explanations of tax implications to recipients of qualified retirement plan distributions eligible for rollover treatment, often...more

Bradley Arant Boult Cummings LLP

New Rules for Hardship Distributions

Earlier this year, Congress passed, and the President signed into law, H.R. 1892, the Bipartisan Budget Act of 2018. In addition to providing a continuing resolution to fund the federal government, the Act includes a change...more

Winstead PC

Issues Plan Sponsors and Fiduciaries Should Watch

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Once upon a time, our retirement plan worries were primarily generated by the U.S. Department of Labor (“DoL”) or the Internal Revenue Service and their regulatory and enforcement efforts. In more recent times we have seen...more

Holland & Knight LLP

Tax Reform's Impact on 401(k) Plan Loan Offset Treatment - Actions for Plan Administrators and Human Resources Benefits Managers

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• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators. • This client alert focuses on changes made to the tax treatment of plan loan...more

Snell & Wilmer

Hardship Distribution Changes – Tax Reform May Have Unintended Consequences

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When tax reform proposals were floating around in the fall of 2017, several early proposals to the Tax Cuts and Jobs Act (the “Act”) included changes to the hardship distribution rules for qualified retirement plans. However,...more

Proskauer - Employee Benefits & Executive...

The Bipartisan Budget Act’s Impact on Retirement Plans

On Friday, February 9, 2018, Congress passed, and the President signed, the Bipartisan Budget Act of 2018 (the “Budget Act”). The Budget Act contains a number of provisions that affect qualified retirement plans. Plan...more

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