Additional Hurricane Relief for Retirement Plan Participants Makes Landfall

October 24, 2017

On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”) was signed into law to provide aid to victims who are recovering from the recent hurricanes in August and September (including Hurricane Harvey, Hurricane Irma, and Hurricane Maria).  The Act, among other things, provides additional ability for retirement plan sponsors to allow for victims of the hurricanes to take qualified hurricane distributions and plan loans from certain retirement plans.  The new relief in the Act is in addition to the earlier disaster relief announced by the IRS in August and September (which is described in our prior Alert, available here).

To continue reading our alert on this topic, please click here