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IRS Releases New Guidance for Distributions and Loans from Retirement Plans Under CARES Act
Morgan Lewis [Guidance Overview] June 29, 2020 "Hardship distributions are generally not eligible for rollover treatment, but Notice 2020-50 provides that if a distribution meets the necessary requirements of a coronavirus-related distribution, then, unless it is related to a nonqualified deferred compensation plan, the distribution is not treated as made on account of hardship and any portion of the distribution is permitted to be recontributed to an eligible retirement plan accepting recontributions of coronavirus-related distributions." |
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