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View More FIS Retirement Education Webinars, Podcasts and Conferences

Hardship Distributions Under the Final Regulations [2019.12]

FIS Retirement Education

Dec. 9, 2019
Recorded Online
Webinar

The final hardship distributions are here and they continue to change the landscape. The Tax Cuts and Jobs Act and the Bipartisan Budget Act of 2018 brought some meaningful changes to the hardship distribution rules and the IRS has issued significant guidance in this area. Processing hardship distributions can be both a headache and a liability for practitioners and plan sponsors in the best of times and these changes have certainly muddied the waters. Add in the recent IRS guidance on the documentation requirements to substantiate hardship distribution requests and we have a lot to cover.

This web seminar will review the new and existing hardship rules and will provide practical guidance on the topic.

Topics include:

  • Overview of the hardship distribution rules
  • Review of the new laws and guidance regarding:
    • 6 month suspension of deferrals
    • Definition of "necessity"
    • Sources available for hardship distributions
    • Casualty losses and disaster relief
    • Transition rules and amendment deadlines
  • Required and recommended documentation
    • Participant self-certification
    • Summary information requirements
  • Prudent review and approval processes
  • Notice requirement
  • Evidence of:
    • Hardship need (safe harbor)
    • Hardship necessity
  • Taxation of hardship distributions
  • Proof of distribution and tax reporting

After attending this Web seminar, an attendee should be able to:

  • Determine what documentation should be maintained by the Plan Administrator
  • Explain when a participant can “self-certify” their eligibility for hardships or loans
  • Comply with the requirements for a service provider to collect summary information on a hardship
  • Apply the requirements to minimize compliance risks for plan fiduciaries
  • Apply the new laws and regulations for the proper administration of hardship distributions

Speaker: David Schultz, J.D.

More Information, How to Register

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