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The Internal Revenue Service has published changes to the regulations for 401k Hardship Distributions. Plan sponsors will need to amend their plan documents by January 1, 2020. The final regulations are complex and could impact business owners in a variety of ways.
The following are five key takeaways:
Business owners who offer 401k plans for their employees have approximately three months to prepare for and implement these changes. To learn more about DGC’s employee benefit plan audit and consulting practice, contact a member of your DGC client service team or Linda McLean, CPA at 781-937-5322 / email@example.com or Donny Butler, CPA at 781-937-5137 / firstname.lastname@example.org.