Posts Categorized: Qualified 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

The Fiduciary Rule – Bark or Whimper?

in Qualified Plans, Retirement Plans

The Fiduciary Rule will become applicable on June 9, causing registered investment advisers, broker dealers, and certain other service providers to retirement plans and IRAs to become subject to the standards of conduct required of ERISA fiduciaries and the prohibited transaction rules of ERISA and the Internal Revenue Code (Code) with respect to investment advice provided to 401(k), pension, or other plans subject to Title I of ERISA (ERISA Plans) and their participants, as well as IRA owners. However, the DOL has also provided a transition period, running from June 9, 2017 through December 31, 2017, during which the DOL… Continue Reading