The Internal Revenue Service (IRS) has issued Revenue Procedure 2020-9 (Rev. Proc. 2020-9), which clarifies which amendments are integral to pre-approved retirement plan provisions that must be amended to comply with the final regulations on hardship distributions. Rev. Proc. 2020-9 also extends the deadline for making these interim amendments to December 31, 2021.
On December 12, 2019, the IRS issued Revenue Procedure 2020-9 (Rev. Proc. 2020-9), which clarifies which amendments are integral to pre-approved retirement plan provisions that must be amended to comply with the final regulations on hardship distributions. Rev. Proc. 2020-9 also extends the deadline for making these interim amendments to December 31, 2021.
Amendments relating to hardship distribution provisions that are effective on or before January 1, 2020, are integral to the amendments required to comply with the final hardship regulation provisions concerning suspensions of contributions and representations of financial need.
The deadline for adopting the interim amendments required as a result of the final regulations on hardship distributions is extended to December 31, 2021.
Rev. Proc. 2020-9 is effective on December 12, 2019.