Just a reminder that December 31, 2021 is the deadline to adopt required interim amendments for the final regulations for hardship distributions for 401(k) and 403(b) plans. Additionally, December 31, 2021 is the deadline to adopt amendments reflecting any optional COVID relief put into operation for Section 125 cafeteria plans in 2020 (such as unlimited flexible spending account carryovers or additional mid-year election changes). For most plan sponsors, these amendments have been handled by your document provider(s), but if you have not confirmed compliance with these requirements, and need assistance, please reach out to us as soon as possible at (949) 660-0481.
For further information on year end deadlines review our recent webinar on November 18th titled Get Ready for 2022: Year-End Checklist for Benefit Plans.
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