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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 a partner in the Indianapolis office and as the firm’s Employee Benefit Plan Services Director. Emily has 20 years of experience providing audit and tax services for employee benefit plans, with a primary focus on 403(b) plans. She currently oversees approximately 70 benefit plan audits and related filings. Emily also is a member of the AICPA Employee Benefit Plans Audit Quality Center Executive Committee.

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