The SECURE 2.0 Act of 2022 (SECURE 2.0) provides welcome relief to private sector single employer sponsors of defined benefit pension plans (Pension Plan(s)). Effective for plan years beginning on and after January 1, 2024, SECURE 2.0 caps the variable rate premium paid by Pension Plan sponsors to the Pension Benefit Guaranty Corporation (PBGC) at
Bipartisan Budget Act
The Final Regulations For 401(k)/403(b) Hardship Distributions
By Rose Marie Plato on
Posted in Amendments, Basic Plan Document, Bipartisan Budget Act, defined contribution, Distributions, DOL, EBSA, ERISA, Hardships, IRS, QMAC, QNEC, Retirement plans, Uncategorized
On September 23, 2019, the Treasury Department and IRS published final regulations for hardship distributions from both 401(k) and 403(b) plans (the “Final Regulations”). Essentially the hardship distributions changes relax the hardship distribution requirements (i.e., making it easier for participants to obtain hardship distributions) and eliminate many burdens following a hardship distribution (i.e., allowing participants…