September 30, 2019

IRS Issues Final Regulations on 401(k) Hardship Distributions

On September 23, 2019, the U.S. Department of Treasury, acting through the IRS, issued final regulations governing hardship distributions (also known as hardship withdrawals) taken from 401(k) retirement plans. Aside from some clarifying details, the final regulations are substantially similar to the proposed regulations that were issued in November 2018. The changes contained in both… Continue Reading

September 20, 2019

IRS Announces New Address For Determination Letter Applications, Letter Ruling Requests, Certain Other Submissions

On September 12, 2019, the IRS announced a new address to be used for the mailing and delivery of certain submissions relating to employee benefit plans. The new address, which must be used on and after September 12, 2019, is as follows: Internal Revenue Service 7940 Kentucky Drive MS 31A Florence, KY 41042 The address… Continue Reading

August 12, 2019

IRS Updates VCP Electronic Submission Procedures, Revises Form

On June 28, 2019, the IRS issued its June Employee Plans News, in which the agency announced comparatively minor changes to the submission procedures applicable to the IRS Employee Plans Compliance Resolution System (“EPCRS“). The changes include revisions to required Forms 8950 and 8951, along with technical changes to the electronic submission process itself. The… Continue Reading

August 8, 2019

DOL Finalizes Regulations Expanding Access to MEPS By Small Employer Groups

On July 29, 2019, the U.S. Department of Labor (“DOL”) issued final regulations intended to expand access to retirement savings plans (including 401(k) plans) for employees of small businesses, by allowing them to group together for purposes of establishing “multiple-employer defined contribution retirement plans,” a type of “multiple employer plan” (“MEP”). The final regulations seek to… Continue Reading

June 5, 2019

House Passes the SECURE Act Which Moves to Senate, Would Affect 401(k) Plans in Big Ways

On Thursday, May 23, 2019, the U.S. House of Representatives passed, by a huge 417 to 3 margin, the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”). Although the current climate in Washington is unpredictable at best and because the SECURE Act enjoys wide bipartisan support, pundits forecast that the proposal stands… Continue Reading

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