Nonprofit Resources
Retirement Plans Can Make Loans and Hardship Distributions to Hurricane Victims
The IRS announced that 401(k) plans and similar employer-sponsored retirement plans can make loans and hardship distributions to those affected by Hurricanes Harvey, Irma, and Maria.
This relief may be available to hurricane victims and their family members who are:
- Participants in 401(k) plans,
- Employees of tax-exempt organizations with 403(b) tax-sheltered annuities,
- Public school employees, or
- State and local government employees with 457(b) deferred-compensation plans
Plans can offer this to employees and certain family members in localities affected by the two hurricanes and designated for individual assistance by the Federal Emergency Management Agency (FEMA).
More information is available from the IRS:
Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Harvey
Help for Victims of Hurricanes Irma and Maria
Emily Toler
Emily is a partner in the Indianapolis office and serves as the firm’s Employee Benefit Plan Services Director. With over 20 years of experience in audit* and tax services for employee benefit plans, Emily specializes in 403(b) plans and currently oversees more than 60 benefit plan audits and related filings. She is also an active member of the AICPA Employee Benefit Plans Expert Panel, contributing her expertise to the advancement of audit quality in the industry.