In FL-2017-04, the IRS extended the filing deadline to January 31, 2018 for income tax returns due between September 4, 2017 and January 31, 2018.  Deadlines for certain employer contributions to retirement plans key off of fully extended tax filing deadlines.  Thus, when the fully extended tax filing deadline is delayed, the employer contribution deadline … Read more

The IRS, DOL and PBGC promptly issued Irma relief on many topics.  However, there are some items for which no relief was granted. Participants There is no relief from the 10% early withdrawal tax for hardship distributions from 401(k) plans.  Thus, if a participant takes a hardship distribution and is under the age of 59 … Read more

Relief is extended to any participant whose principal residence and/or place of employment on September 4, 2017 was in one of the counties identified for individual assistance by FEMA because of Hurricane Irma.  It also allows participants who do not live in affected areas to qualify for relief if they have parent, grandparent, child, grandchild, … Read more

The IRS has issued relief to make it is easier for participants to take hardship distributions from 401(k) plans.   The IRS has relaxed certain documentation requirements, but has not totally eliminated the need for documentation. Things that participants need to know: In order to take a hardship distribution, your employer’s plan must allow for … Read more

Relief is extended to any participant whose principal residence and/or place of employment on August 23, 2017 was in one of the counties identified for individual assistance by FEMA because of Hurricane Harvey.  It also allows participants who do not live in affected areas to qualify for relief if they have parent, grandparent, child, grandchild, … Read more

The deadlines for certain participant notices have been extended due to Hurricane Harvey. Blackout notices – In general there is a requirement that blackout notices be provided 30 days in advance.  The existing blackout rules provide an exception when circumstances beyond the control of the plan administrator cause the delay.  For this exception to apply, … Read more

The IRS, DOL and PBGC promptly issued Harvey relief on many topics.  However, there are some items for which no relief was granted. Participants There is no relief from the 10% early withdrawal tax for hardship distributions from 401(k) plans.  Thus, if a participant takes a hardship distribution and is under the age of 59 … Read more

The Department of Labor (DOL)  recognizes that some employers and service providers acting on the employer’s behalf, such as payroll processing services, located in identified covered disaster areas will not be able to forward participant payments and withholdings to employee retirement benefit plans within the prescribed timeframe. In such instances, the DOL will not – … Read more

The IRS has provided employers with some administrative relief to make it easier to offer loans and hardship distributions. Delayed amendments – The IRS will allow plans that do not offer loans and hardship distributions to administratively adopt those provisions and then amend the plan no later than the end of the first plan starting … Read more