Tax Law Insights

The Treasury Department and the Internal Revenue Service (collectively referred to hereafter as “IRS”) on September 23, 2019 published the final regulations on hardship distributions, finalizing the regulations proposed in November 2018.  The plans primarily affected are 401(k) and 403(b) plans.  The final regulations reflect changes in the Internal Revenue Code dating back to the Pension Protection Act of 2006 through the Bipartisan Budget Act of 2018.  The preamble states that the regulations are substantially similar to the proposed regulations and, notably ...