Posts Categorized: Retirement Plans

Hurricane Relief Legislation for Retirement Plans

in Qualified Plans, Retirement Plans, Tax Issues

By: Sterling Perkinson and Harrison Taylor We addressed hurricane relief for retirement plans offered by the IRS and other agencies in previous blog posts (covered here and here). While the IRS relief allows for easier access to retirement funds on account of losses due to the recent hurricanes, the IRS could not on its own alleviate the adverse tax impacts of obtaining a hardship distribution. But with the Disaster Tax Relief and Airport and Airway Extension Act (the “Act”), Congress has provided both for hardship distribution tax relief and more generous participant loan rules for participants whose principal abodes were… Continue Reading

IRS, PBGC and DOL Provide Additional Hurricane Relief

in Qualified Plans, Retiree Benefits, Retirement Plans, Welfare Benefits

By: Sterling Perkinson and Harrison Taylor The IRS issued an announcement paralleling the relief granted to Hurricane Harvey victims to those in Florida affected by Hurricane Irma.  Announcement 2017-13 (the “Announcement”) relaxes hardship distribution standards for employees who live or work in a Florida county designated by FEMA to receive funds on account of Hurricane Irma, or who have family, such as parents, grandparents, children or grandchildren or dependents with a principal residence in an affected county. The full list of affected Florida counties can be found here. See our prior blog post on Hurricane Harvey – found here –… Continue Reading

DOL Extends Fiduciary Rule Transition Period, Issues FAQs on Fee Disclosures

in Fiduciary Rule, Retirement Plans

By: Sterling Perkinson and Harrison Taylor Transition Period Extension In an August 9th court filing, the DOL announced it will extend the transition period for three prohibited transaction exemptions relating to the fiduciary investment advice rule (the “Fiduciary Rule”), including the Best Interest Contract (BIC) Exemption, to July 1, 2019. Previously, the transition period was set to end on January 1, 2018. The DOL’s extension of the transition period delays for at least 18 months the more onerous conditions of the BIC Exemption. The DOL has been considering making changes to the Fiduciary Rule or related exemptions during the transition… Continue Reading