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IRS Guidance on Hardship Withdrawals: Practical Tips for Avoiding Common Pitfalls

Webinar: ID# 1012496
Recorded CD
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IRS Guidance on Hardship Withdrawals: Practical Tips for Avoiding Common Pitfalls
About This Course:
Many employer plans provide for hardship withdrawals to participants who incur certain hardships. The IRS rules on hardship withdrawals are complicated. In addition, in recent years, the IRS has issued special relief to plan sponsors and participants.

This live audio conference helps the hardship withdrawal administrator navigate the complex requirements for hardship withdrawals. Learn practical tips for avoiding common pitfalls, how to take advantage of special IRS relief, and how to correct errors through the IRS correction programs.

Learning Objectives:

  • You will be able to discuss the types of plans affected.
  • You will be able to review safe harbor events.
  • You will be able to identify special relief and correction programs.
  • You will be able to explain the possible 10% penalty.

Agenda

I. In Service Withdrawals Generally

  • Hardship Withdrawals
  • Age 59 1/2
  • Other

II. Hardship Withdrawal Overview

  • Types of Plans Affected
  • Hardship Withdrawal Defined

III. Hardship Withdrawal Requirements

  • Immediate and Heavy Need
  • Amount Necessary to Satisfy Need
  • Safe Harbor Events (Deemed Need)
  • Other Facts and Circumstances

IV. Hardship Withdrawal Consequences

  • Six Month Prohibition on Elective Deferrals and Employee Contributions
  • Income Inclusion
  • Possible 10% Penalty
  • Other

V. Special Relief and Correction Programs

  • Special Relief
  • Available Correction Programs

VI. Practical Tips for Avoiding Common Pitfalls

Faculty

Marjorie M. Glover, Chadbourne &Parke LLP

  • Chair of Employee Benefits and Executive Compensation at Chadbourne &Parke LLP
  • Experience in aspects of employee benefits and executive compensation law, including plan design, compliance and correction
  • Conducts regular seminars and workshops on numerous aspects of employee benefits and executive compensation
  • Wrote numerous articles and a monthly Ask the Expert columnist for Employee Benefit Plan Review magazine
  • Recognized in Best Lawyers in America and SuperLawyers
  • Member of the American Bar Association, New York State Bar Association and New York City Bar Association, where she is chair of the Subcommittee on Healthcare Reform and Welfare Plans

Who Should Attend

This live audio conference is designed for CPAs, accountants, attorneys, presidents, vice presidents, business owners and managers, CFOs, tax managers, tax preparers, financial planners and enrolled agents.

Continuing Education Credit

Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit. Only registered and paid attendees will receive continuing education credit. Certificates of Completion are provided to each registered attendee. Your certificate will be emailed to you within two weeks following completion of the program.

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IRS Guidance on Hardship Withdrawals: Practical Tips for Avoiding Common Pitfalls
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