Here you will find literary tidbits on state and federal legislation as it relates to the Human Resources field. Laws are constantly changing and staying up-to-date is imperative as an HR Professional. We hope you find this blog a useful tool for answering questions and raising awareness of legislative issues. Would you like to contribute to this blog? Is there a specific topic you would like to see addressed here? If so, please contact NOARK Legislative Chair at eat1@eau1eav1eaw1.
2019 Savings Limit Increased and Hardship Rule Changes Proposed
February 02, 2019
If these proposed regulations become law, sponsors of retirement plans will need to amend their plan documents as they relate to the plans’ hardship distribution provisions by the end of the second year after the issuance of the Required Amendments list. We encourage our employers who sponsor a retirement plan to be on the lookout for specific guidance from their record keepers and plan administrators for further guidance.
Kelly Majdan,
NOARK Legislative Chair