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Hardship Distributions Under the Final Regulations [2019.12]
Date: 12/11/2019 Start Time: 12:00 PM (ET) Duration: 60 Min.

Description

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
Prerequisites:

There are no prerequisites or other advanced preparation for this program. No prior experience needed.

Level: Intermediate
Instructional Delivery Method
Group – Internet-Based

NASBA Field of Study: Taxes

Speaker: David Schultz, J.D.

Objectives: 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

How to participate

Please connect at least 10 minutes prior to the event to troubleshoot any issues. You will need a phone and internet access. The graphics presentation and illustrations will be viewed via the web connection, while the presenter's audio portion will be via the telephone. Important Note: The user registrant must be logged in via the internet for CE purposes. Select the "Fees" link on the right side menu of this page for more information.

System Requirements for Webex

WebEx supports both Windows and Mac operating systems. For Windows, we recommend using Internet Explorer 11 or Microsoft Edge browsers. For Mac, we recommend using Google Chrome or Mozilla Firefox browsers. For the easiest connection to the event without the need to download any additional software, try the new Webex web app by clicking on the "Join by browser" link below the login fields. Then connect by telephone as prompted.

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