The IRS published the final rule regarding participant hardship distributions from defined contribution plans. Hardships get a little easier with expanded qualification rules and streamlined review process. Some of these changes are mandatory, requiring employers to make the changes by Jan. 1, 2020, while others are optional. Though the IRS had issued the proposed regulations in 2018, the final regulations clarify a few key provisions.
After many rounds of negotiations, Congress passed the Tax Cuts and Jobs Act on December 20th, 2017. Though retirement plan limit reductions were included in many iterations of the bill, the ultimate effect on qualified plans was relatively minimal. There are two items of note that were included in the new law affecting loan repayments and IRA conversions.