Hardship Distributions – Final Regulations Make Minor Changes to Proposed Regulations

“On September 19, 2019, the Treasury Department issued the final regulations governing hardship distributions under 401(k) and 403(b) plans. The finalized hardship regulations, which relax some of the rules governing hardship withdrawals, contain few differences from the proposed regulations released on November 9, 2018.

Beginning on January 1, 2020, plans must operationally comply with some of the key provisions of these proposed regulations. In addition, plans must be amended by December 31, 2019 to reflect any optional changes implemented in 2019.” Continue reading.

Source: IceMiller