11/9/16 - Hardship Withdrawals: What Documentation Do I Retain? Wednesday, November 9, 2016 (11am - 12pm US/Eastern)

Hardship Withdrawals: What Documentation Do I Retain?
Wednesday, November 9th
11:00 a.m. EDT to 12:00 p.m. EDT

This is a member only call.

Panelists:

Elizabeth Drake, Member, Miller & Chevalier
Will Hansen, SVP for Retirement Policy, ERIC
*Other Panelists to be Added

ERIC has been invited to help shape public policy on the proper documentation of hardship distributions from retirement plans. Please join this important webinar to assist in the development of comments on this topic. Additional information is below.

In 2015, the IRS stated in an Employee Plans Newsletter that Plan Sponsors must retain documentation to substantiate a hardship withdrawal. The announcement came as a surprise to a number of Plan Sponsors who relied on the participant self-certifying the need for the hardship distribution via the plan website. This reliance was based on prior statements from IRS officials. Following the announcement in 2015, the IRS received feedback from numerous organizations questioning this sudden shift in position.

In 2016, the IRS expanded the Industry Issue Resolution Program (IIR) to the Tax Exempt and Government Entities Department (which oversees employee benefits related regulations). The purpose of the IIR is to resolve frequently disputed or burdensome tax issues that affect a significant number of business taxpayers through the issuance of guidance. The IRS has selected the documentation of hardship distributions as an issue that could be resolved via the IIR. ERIC has been asked to provide comments, along with three other trade associations, followed by an in-person meeting with IRS officials to discuss this issue in more detail. The ultimate goal of this process is to develop a solution to the documentation of hardship distributions.

To register for the call, click on the "Register Now" link at the top of this page (you will need your username and password to register).

If you are a prospective member and would like to participate in the call, please contact ERIC at 202-789-1400 or e-mail: memberservices@eric.org.

The slides for this call will be posted to this site on the morning of the call in the View Meeting Documents section.

Related Files:

Hardship Withdrawal Slides