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Hardship Distributions in 2019 and Beyond [2019]
Date: 1/28/2019 Start Time: 12:00 PM (ET) Duration: 60 Min.

Description

The Tax Cuts and Jobs Act and the Bipartisan Budget Act of 2018 brought some meaningful changes to the hardship distribution rules. 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. 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: 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
  • Apply the new laws and regulations for the proper administration of hardship distributions

How to participate

You will need a phone (speakerphone, for multiple participants sharing the Primary registrant’s authorized connection) and Internet Access. The graphics presentation and illustrations will be viewed via the Primary registrant’s Web connection, while the speaker audio portion will be via the Primary registrant’s 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 about who is authorized to connect to the program, and for the cancellation/transfer policy.

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