New Hardship Reasons

[J. Bringhurst]

Is the addition of the two new hardship reasons under the final 401(k) regulations optional or mandatory? I should know this, but I'm blocking tonight.

[Bob R]

Adding them is optional.

[MARYMM]

Is the addition of the two new hardship reasons under the final 401(k) regulations optional or mandatory? I should know this, but I'm blocking tonight.

What are they ? Thanks !

[J. Bringhurst]

(1) expenses for the repair of damage to the participant’s principal residence that would qualify for the casualty deduction under section 165 of the Code (determined without regard to whether the loss exceeds 10% of adjusted gross income); and

(2) payments for burial or funeral expenses for the participant’s deceased parent, spouse, children or dependents (as defined in Treas. Reg. Section 1.401(k)-1(d)(3)(iii)(B)(3)).

I think that the PPA adds at least one more.