Posted by Russell Gully, Sharon Fountain, and Jessica Morrison
Most 401(k) and 403(b) plans allow plan participants to take in-service hardship distributions. In response to various pieces of tax legislation, the Department of the Treasury and the Internal Revenue Service proposed new Treasury Regulations governing hardship distributions effective generally for plan years beginning after December 31, 2018. Please see our client alert for more information. If you have any questions, please contact the T&K tax attorney with whom you regularly work or any of the T&K tax attorneys listed in the client alert.