In a recent IRS newsletter (Issue No. 2015-4, April 1, 2015) the IRS reiterated the requirement that qualified retirement plan sponsors must retain documentation for hardship distributions and certain plan loans (in either paper or electronic format). The IRS specifically notes that using self-certification as the exclusive means of documentation is not sufficient.
For further details, please see the link to Multnomah Group’s whitepaper “Plan Sponsor Guidance -Properly Documenting Plan Loans and Hardship Distributions.”. Please contact our consultants with any questions about how this requirement may affect your retirement plan.
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