WebSep 23, 2024 · Under this extension, for an employer using a pre-approved plan, the interim amendment deadline for the required amendment to the hardship distribution provisions of the plan will also be the deadline for all amendments integrally related to the hardship distribution provisions (rather than the earlier deadline that might otherwise apply under ... WebDec 6, 2024 · Hardship Distribution Amendment Deadline Approaching. DMLO CPAs. December 6, 2024. Over the past few years, several laws and regulations were passed to loosen rules on hardship distributions for 401 (k) and 403 (b) retirement plans. These new provisions came in handy for many participants who needed an easier way to access …
Hardship Distributions Made Easier — Ascensus
WebJul 10, 2024 · The IRS recently issued additional guidance on the eased rules for hardship withdrawals that 401(k) and similar plans can put in place under the CARES Act. New data show, however, that an expected ... WebApr 10, 2024 · The final regulations on hardship withdrawals specified that interim amendments to reflect adoption of the new rules must be made by the due date of the … ppts having animations for powerpoint
IRS Clarifies Remedial Amendment Period for Compliance …
WebOct 18, 2024 · October 18, 2024. On September 23, 2024, the IRS published final regulations that amend the rules for hardship distributions from 401 (k) and 403 (b) … WebOct 3, 2024 · Reminder – Plan Amendment/Operational Changes Required: As summarized in our prior blog entry, individually-designed 401(k) plans that currently permit hardship distributions will likely need to be amended to reflect the final regulations by December 31, 2024. The amendment deadline for pre-approved 401(k) plans is more … WebDec 3, 2024 · The deadline for amending the plan to reflect a change in qualification requirements is the end of the second calendar year that begins after IRS issues the Required Amendments List that includes the change. For the 401(k) plan changes above, amendments should be adopted by December 31, 2024. ppt sharing website