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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
