Publications for Julie LaVille Hamlet
The IRS recently issued proposed regulations that would expand the availability of hardship distributions under 401(k) and 403(b) plans (the “Proposed Regulations”). The Proposed Regulations reflect the changes that were implemented by the Bipartisan Budget Act of 2018 (the “Act”), and address many of the questions that were left unanswered by the Act.
A. Summary of the New Rules
The Bipartisan Budget Act of 2018 ("Act") includes three provisions that expand the availability of hardship distributions under a qualified retirement plan, each of which is described below.
Public pension systems are increasingly underfunded. Data released in 2017 indicates that the median state funding ratio (the percentage of assets that a state has available for future payments to retirees) fell to 71.1 percent in 2016, down from 74.5 percent in 2015.
Tuomey Healthcare System faces up to $237 million in fines and penalties after a jury found it liable for submitting $39 million worth of claims to Medicare in violation of both the Stark Law and the False Claims Act.