Many employer plans provide for hardship withdrawals to participants who incur certain hardships.
The IRS rules on hardship withdrawals are complicated. In addition, in recent years, the IRS has issued special relief to plan sponsors and participants. This OnDemand Webinar helps the hardship withdrawal administrator navigate the complex requirements for hardship withdrawals. Learn practical tips for avoiding common pitfalls, how to take advantage of special IRS relief and how to correct errors through the IRS correction programs. Learning Objectives: •You will be able to discuss the types of plans affected. •You will be able to review safe harbor events. •You will be able to identify special relief and correction programs. •You will be able to explain the possible 10% penalty.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
In Service Withdrawals Generally
- Hardship Withdrawals
- Age 59 1/2
- Other
Hardship Withdrawal Overview
- Types of Plans Affected
- Hardship Withdrawal Defined
Hardship Withdrawal Requirements
- Immediate and Heavy Need
- Amount Necessary to Satisfy Need
- Safe Harbor Events (Deemed Need)
- Other Facts and Circumstances
Hardship Withdrawal Consequences
- Six Month Prohibition on Elective Deferrals and Employee Contributions
- Income Inclusion
- Possible 10% Penalty
- Other
Special Relief and Correction Programs
- Special Relief
- Available Correction Programs
Practical Tips for Avoiding Common Pitfalls
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on August 1, 2013.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Marjorie M. Glover
Chadbourne & Parke LLP
- Chair of Employee Benefits and Executive Compensation at Chadbourne & Parke LLP
- Experience in aspects of employee benefits and executive compensation law, including plan design, compliance and correction
- Conducts regular seminars and workshops on numerous aspects of employee benefits and executive compensation
- Wrote numerous articles and a monthly Ask the Expert columnist for Employee Benefit Plan Review magazine
- Recognized in Best Lawyers in America and SuperLawyers
- Member of the American Bar Association, New York State Bar Association and New York City Bar Association, where she is chair of the Subcommittee on Healthcare Reform and Welfare Plans
- Can be contacted at [email protected] or 212 408-1016
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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