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IRS Issues Guidance on Substantiation of Safe Harbor Hardship Distributions

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Mark Bodron and Stephanie Jeane look at recent guidance the IRS has provided its examiners regarding substantiation requirements for hardship distributions from 401(k) plans. The guidance, issued pursuant to the Industry Issue Resolution program, says a plan may obtain a summary of source documents—rather than the source documents themselves—from the participant, and rely on such summary as substantiation of the hardship distribution.

For a copy of the article, click the title link below:

IRS Issues Guidance on Substantiation of Safe Harbor Hardship Distributions

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