401(k) plans may provide that an employee can receive a distribution of elective contributions from the plan on account of hardship. The IRS has issued final regulations that amend the related rules. Plans that complied with the proposed regs issued in Nov. 2018 will satisfy the final regs. Among other things, the final regs modify the rules for determining whether a distribution is necessary to satisfy an immediate financial need, eliminate the relevant facts and circumstances test and provide a general standard for determining whether a hardship distribution is necessary. The final regs apply to distributions made in plan years on or after Jan. 1, 2020. Contact us for further information. www.mjscpa.com/news/