Electronic Self-Certification for Hardship Distributions is Not Sufficient
In its April 1, 2015 Employee Plans News, the IRS stated that defined contribution plan sponsors must maintain hardship distribution records and that plan sponsors cannot rely on electronic participant self-certification for hardship distributions. The IRS indicated that plan sponsors should keep the following: Documentation of the hardship request, review and approval; Financial information that […]
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Tagged: electronic self-certification, hardship, hardship approval, hardship distributions, IRS, qualified retirement plans
Anne M. Meyer
Partner