The Department of Labor’s Employee Benefits Security Administration (EBSA) on Sept. 15 announced that it has extended the employee benefit plan compliance guidance and relief it issued for victims of Hurricane Harvey to those affected by Hurricane Irma. Verification procedures for plan loans and distributions, participant contributions and loan payments are among the matters the relief concerns.
EBSA announced the Hurricane Harvey relief on Aug. 30 in EBSA Release Number 17-1216-NAT.
The relief generally applies to employee benefit plans, plan sponsors, employers and employees, and service providers to such employers that were located in a county identified for individual assistance by the Federal Emergency Management Agency (FEMA) because of the devastation the hurricanes caused.
The relief is in addition to the Form 5500 Annual Return/Report filing relief the IRS already provided in accordance with the Hurricane Harvey and Hurricane Irma news releases listed on the IRS disaster relief website. The relief is also in addition to the funding-related relief the IRS provided to defined benefit plans, the Department of Labor, and the Pension Benefit Guaranty Corporation in IRS Notice 2017-49.
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