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Advanced Hardship Distributions [2018]
Presentor: David Schultz Recorded Date: 3/20/2018 Duration: 60 Min.

Description
This program was recorded during a live presentation given on March 20, 2018 at 12:00PM EST.
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Processing hardship distributions can be both a headache and a liability for practitioners and plan sponsors. Recently legislation has changed the rules relating to hardship distributions and the IRS has issued guidance on the documentation required to substantiate hardship distribution requests. This web seminar will review the new hardship rules and will provide practical guidance on the topic.

  • Overview of the hardship distribution rules
  • Required and recommended documentation
  • Prudent review and approval processes
  • Participant self-certification
      • o Summary information requirements o Notice requirement
  • Evidence of:
    • Hardship need
      • Safe harbor hardship needs
    • 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: At the conclusion of the seminar, attendees 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
  • Inform plan sponsors of the impact of recent legislation on hardship distributions
  • Address conflicting opinions regarding these legal and regulatory requirements

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