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 serves as Employee Benefit Plan Services Director at CapinCrouse and Partner, CRI Advisors, LLC†, Partner, CRI Capin Crouse Advisors, LLC†, and Partner, Capin Crouse, LLC*. Emily joined CapinCrouse in 2009, bringing with her nine years of experience at a Big Four accounting firm. Specializing in audit and other attest services, she works with a diverse range of nonprofit clients. Emily also is a member of the AICPA Employee Benefit Plans Expert Panel and previously served on the AICPA Employee Benefit Plan Audit Quality Center Executive Committee.