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About this Blog
Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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IRS Publishes 2019 Required Amendments List
In our 2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Plans, we suggested that sponsors of all qualified retirement plans should be on the lookout for the Internal Revenue Service’s (“IRS”) 2019 Required Amendments List (“2019 … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 2019, cash balance, hardship, hybrid defined benefit, Part A, Part B, RAL List, Required Amendments 2019, Required Amendments List
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IRS Issues Final Regulations for Hardship Distributions
We previously reported on the Bipartisan Budget Act (the “Budget Act”) hardship distribution rule changes for qualified retirement plans. On September 23, 2019, the IRS issued final regulations implementing certain statutory changes to the hardship distributions rules, including those required … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged amendment, bba, Bipartisan Budget Act, distributions, hardship, natural disasters, qualified plan, withdrawals
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Congress Eases Restrictions on Hardship Distributions
We previously reported on certain changes made to the hardship distribution rules for qualified retirement plans by the Tax Cuts and Jobs Act. Since then, Congress has made additional and significant changes to those same hardship distribution rules by the … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged Bipartisan Budget Act, BPA, distributions, hardship, hardship distributinos
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Hardship Distribution Changes – Tax Reform May Have Unintended Consequences
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, the final version of … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged casualty loss, hardship, hardship distributions, Internal Revenue Code, IRS, tax reform
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IRS Issues Hurricane Harvey Relief
In Announcement 2017-11, the IRS relaxed standards for hardship distributions and loans from qualified retirement plans for those affected by Hurricane Harvey. This relief applies to employees or former employees and their family members who live or work in the … Continue reading
Posted in Employee Benefits
| Tagged contributions, distributions, hardship, harvey, Hurricane Harvey, IRS, loan, relief, six-month delay
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Did Hardship Distributions Just Get Easier?
In a previous blog, we addressed an issue of Employee Plans News in which the IRS took the position that 401(k) plan administrators must maintain hardship distribution records and should not rely on electronic participant self-certification for hardship distributions. On … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged e-certify, electronic, Employee Plan News, Employee Plans Examiners, hardship, hardship distributions, IRS, self-certification
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Electronic Self-Certification for Hardship Distributions is Not Sufficient
In its April 1, 2015 Employee Plans News, the IRS stated that defined contribution plan sponsors must maintain hardship distribution records and that plan sponsors cannot rely on electronic participant self-certification for hardship distributions. The IRS indicated that plan sponsors … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged electronic self-certification, hardship, hardship approval, hardship distributions, IRS, qualified retirement plans
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