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Certified Public Accountants and Management
Consultants
13 Byington Place, Norwalk, CT 06850
Phone: 203-853-1040
Fax: 203-853-070
Email: info@depanfilis.com
Website: www.depanfilis.com
Q:
My employee asked me for a Hurricane Harvey 401(k) loan from my plan. Is there such a thing? A:
Yes, participants in eligible 401(k) plans, 403(b) tax-sheltered annuities and 457(b) deferred-compensation plans may take advantage of streamlined loan procedures and liberalized hardship distribution rules, according to the IRS. The six-month ban on 401(k) and 403(b) contributions that normally occurs after such distributions will not apply. Plans can make loans or hardship distributions before formally amending the plan, and they can allow distributions even for food and shelter. If a plan requires certain documentation before making a distribution, it can relax this requirement. The distribution must be made by January 31, 2018.
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