As clean-up efforts continue, the long-term business disruptions caused by Hurricane Sandy have prompted the Department of Labor to modify its EBSA compliance rules to provide some latitude to those affected by the storm.
Plan fiduciaries, plan sponsors, service providers, participants and beneficiaries affected by the storm will have a slight reprieve in a series of compliance measures which apply to employers and the like in East Coast counties impacted by storm damage.
As part of those measures, the DOL confirms that it will also allow hardship loans and distributions from retirement-related DC and pension plans, as has been announced by the IRS.
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