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Compensation and benefits regulations from the IRS, DOL and HHS

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Alice Gilman

by on
in Centerpiece,Office Management,Payroll Management

Here are digests of proposed compensation and benefits regulations and related guidance issued by the IRS, the Department of Labor and the Department of Health and Human Services.

401(k) regs. Proposed regs implement portions of the 2018 Budget Act and the Tax Cuts and Jobs Act. Unless otherwise noted, these regs won’t become effective until final regs are issued.

The regs cover the provision of the 2018 Budget Act that eliminates the rule prohibiting employees who take hardship distributions from making pretax contributions for six months. This portion of the regs is effective with the 2019 plan year, but you can delay implementation to distributions made on or after Jan. 1, 2020. On the other hand, the IRS says it’s OK to implement this provision sooner than the 2020 plan year, if you can.

Also in compliance with the Budget Act, the regs expand the pot of money from which hardship distributions can be made, to incl...(register to read more)

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