By Brian M. Pinheiro
In the wake of Hurricane Sandy, the IRS has issued guidance that permits individuals affected by the storm and its aftermath to access the assets in their retirement plans and individual retirement accounts. To be eligible for the special relief, the employee or former employee (or his or her spouse, dependent, or lineal ascendant or descendant) must have a principal residence or work location in one of the counties or Tribal Nations that have been identified as covered disaster areas.
Under the new IRS relief, employees or former employees may receive loans and/or hardship distributions from their 401(k), 403(b), and/or 457(b) plan accounts, subject to the following:
Attorneys in Ballard Spahr's Employee Benefits and Executive Compensation Group can advise on how retirement plans can be used to assist those affected by Hurricane Sandy, the development of leave-based donation programs to support the hurricane victims, or any other issues related to the IRS relief programs. To learn more about the Hurricane Sandy relief programs, please contact Brian M. Pinheiro at 215.864.8511 or firstname.lastname@example.org.
Copyright © 2012 by Ballard Spahr LLP.www.ballardspahr.com(No claim to original U.S. government material.)
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This alert is a periodic publication of Ballard Spahr LLP and is intended to notify recipients of new developments in the law. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.
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