Retirement plans can make loans and hardship distributions to wildfire and Hurricane Maria victims

The IRS has announced that employer-sponsored retirement plans can make loans and hardship distributions to victims (and members of their families) of Hurricane Maria and the California wildfires. In addition, even though IRA participants are barred from taking out loans, they may be eligible to receive distributions under liberalized procedures. Note that the IRS isn’t waiving the 10% penalty that applies to early withdrawals. Contact us for more information.