Puerto Rico Treasury Department Finally Grants Relief to Participants Affected by Hurricane Maria

After a long and tumultuous process, and 56 days after Hurricane Maria hit Puerto Rico, the Puerto Rico Treasury Department (“PR Treasury”) issued Administrative Determination No. 17-29 (“AD 17-29”) to grant relief on eligible distributions (including, hardship withdrawals) and plan loans by participants in Puerto Rico tax qualified retirement plans who were affected by Hurricane Maria. The PR Treasury had previously issued Administrative Determination No. 17-21 (“AD 17-21”) concerning certain disaster assistance payments and interest-free loans to employees affected by the hurricane. Please see the attached memo for details.