The Budget Act Brings Much Needed Hardship Relief for Plan Participants

The Bipartisan Budget Act of 2018 (the “Budget Act”) brings important relief for plan sponsors and recordkeepers for tax-qualified retirement plans. This relief includes (1) relaxed hardship withdrawal rules, (2) expanded rollover for improper federal tax levies, (3) California wildfire relief for plan distributions, and (4) a special Congressional committee to address the major funding concerns for multiemployer plans. The attached article provides a summary of these provisions.

Reprinted from Taxes – The Tax Magazine®, Volume 96, Issue 5 with permission from CCH Incorporated, a Wolters Kluwer business, New York, NY.