IRS Issues Final Regulations on Hardship Distribution Rules | Practical Law
The Treasury Department and Internal Revenue Service (IRS) issued final regulations that amend the rules governing hardship distributions from Internal Revenue Code (Code) Section 401(k) plans. The final regulations reflect statutory changes, including changes made by the Bipartisan Budget Act of 2018 and Pension Protection Act of 2006 (PPA), as well as submitted comments on the proposed hardship distribution regulations issued in November 2018.