In Announcement 2016-39 issued on October 21, 2016, the IRS follows its long-standing practice and eases application of the qualified plan loan and/or hardship rules for those who were impacted by Hurricane Mathew. For example, the relief allows impacted individuals to obtain a hardship distribution without the need to prove a hardship based on the types enumerated in the regulations. Further, no post-hardship distribution contribution restrictions are required.
The relief applies to participants whose principal residence or place of employment on October 4, 2016 was located in one of the counties in North Carolina, South Carolina, Georgia and Florida identified by FEMA because of devastation caused by Hurricane Mathew (“Impacted Counties”) or who have certain relatives who reside or work in the Impacted Counties. For more details about this relief, see Announcement 2016-39.
Disclaimer
While we are pleased to have you contact us by telephone, surface mail, electronic mail, or by facsimile transmission, contacting Kilpatrick Townsend & Stockton LLP or any of its attorneys does not create an attorney-client relationship. The formation of an attorney-client relationship requires consideration of multiple factors, including possible conflicts of interest. An attorney-client relationship is formed only when both you and the Firm have agreed to proceed with a defined engagement.
DO NOT CONVEY TO US ANY INFORMATION YOU REGARD AS CONFIDENTIAL UNTIL A FORMAL CLIENT-ATTORNEY RELATIONSHIP HAS BEEN ESTABLISHED.
If you do convey information, you recognize that we may review and disclose the information, and you agree that even if you regard the information as highly confidential and even if it is transmitted in a good faith effort to retain us, such a review does not preclude us from representing another client directly adverse to you, even in a matter where that information could be used against you.
