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Hurricane Sandy relief: A guide for plan sponsors

The IRS and the DOL granted temporary relief to plan sponsors following this year's super-storm, but what impact will it have on fiduciary responsibilities in 2013?

By James Douglas | Updated on December 27, 2012

On November 16, 2012, the Internal Revenue Service announced relief for taxpayers adversely affected by Hurricane Sandy who wish to obtain hardship distributions and/or loans without providing the typical supporting documentation in advance. On November 20, 2012, the Department of Labor issued similar guidance for plan sponsors and their service providers.

The guidance provided that participants were excused from providing the typical verification documentation that is otherwise required in the event they elect to receive a loan or a hardship distribution. Plans that don’t already provide for hardship distributions and loans may nevertheless provide them on request.

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