Jump to content

Expanded Availability For Inservice Distributions?


Recommended Posts

Regarding the requirements that elective deferrals and safe harbor contributions cannot be distributed to employed participants until they attain age 59.5 (assuming the doc permits such payouts), I was recently speaking with someone who mentioned that recent legislation (he said either the SECURE or CARES Act) now permits inservice distributions from all sources including deferrals and SH money.  I normally defer to him since he's a TPA, but I haven't been able to locate anything in writing that backs up this change - have the inservice rules changed in this respect?   

Link to comment
Share on other sites

CARES allowed it up to $100,000 but only through 12/31/2020 for Coronavirus Related Withdrawals which could be self certified and only for plans that added the CARES withdrawal provisions.

I'm not aware of a general expansion for under age 59.5 other than the hardship exception. If it has been expanded, hopefully someone can point out where.

 

Link to comment
Share on other sites

19 hours ago, Lou S. said:

CARES allowed it up to $100,000 but only through 12/31/2021 for Coronavirus Related Withdrawals

2021?  or 2020?

  • Like 1

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...