In the wake of Hurricane Maria and the October 2017 wildfires that affected much of California, the IRS issued guidance on the impact these disasters could have on employers, and the relief being granted.When natural disasters or other personal emergencies strike, employees may seek financial relief by tapping into their retirement plans. Enter the hardship distribution.
Hardship distributions, when permitted by the Plan document, allow employees to withdraw from their retirement account as long as they can provide proof of financial hardship.
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