Pending Regulatory Comment Calls

The IRS has published 83 FR 56763 in a recent Federal Register proposed amendments to the regulations relating to hardship distributions from section 401(k) plans. The amendments reflect statutory changes affecting section 401(k) plans, including recent changes made by the Bipartisan Budget Act of 2018. These regulations would affect participants in, beneficiaries of, employers maintaining, and administrators of plans that contain cash or deferred arrangements or provide for employee or matching contributions. Comments and requests for a public hearing must be received by January 14, 2019.

It’s not too late to submit your comments on several proposed regulations whose comment period closes this month. For comment letters to have the greatest impact, consider whether and how these proposals would affect your credit union and membership. Contact the NJCUL VP Compliance and Regulatory Affairs, Nicola Foggie, at nfoggie@njcul.org, if you would like more information on how to send your own letter. 

in Compliance & Regulatory News