HURRICANE RELIEF SUMMARY CHARTS
The charts below reflect the hurricane relief that is in effect as of September 29, 2017. Please see further updates for information about the Disaster Tax Relief and Airport and Airway Extension Act of 2017 if it becomes law.
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IRS Relief |
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| Hurricane | Loan Rules | Hardship Rules | 5500 Filing | Tax Filing | Minimum Funding |
| Harvey (Texas, Louisiana) | No change in limits, but plan can be amended by 12/31/17, if necessary, and documentation provided later | For hardships taken on or before 1/31/18: No change in limits, but not limited to normal hardship events if related to the hurricane; plan can be amended by 12/31/17, if needed; lesser documentation requirement; no 6-month suspension of deferrals [Announcement 2017-11] | Extended from any date on or after 8/23/17 to 1/31/18 [IRC section 7805A; Treas. Reg. section 301.7508A-1(c)(1); Rev. Proc. 2007-56] | Extended from any date on or after 8/23/17 to 1/31/18
[IRC section 7805A] |
Extended from any date on or after 8/23/17 to 1/31/18: making contributions for minimum funding; making election relating to prefunding balance or funding standard carryover balance; AFTAP certification, employee notices regarding freezing of benefits [Notice 2017-49] |
| Irma (Florida, Puerto Rico, Virgin Islands) | Same as Harvey | Same as Harvey | Same as Harvey (for forms otherwise due 9/4/17 to 1/1/18) | Same as Harvey (for forms otherwise due 9/4/17 to 1/1/18) | Same as Harvey (for events otherwise required/due 9/4/17 to 1/1/18) [Notice 2017-49] |
| Maria (Virgin Islands, Puerto Rico) | Same as Harvey | Same as Harvey | Same as Harvey (for forms otherwise due 9/17/17 to 1/1/18)
[IRS News Releases PR-2017-01; VI-2017-01] |
Same as Harvey (for forms otherwise due 9/17/17 to 1/1/18)
[IRS News Releases PR-2017-01; VI-2017-01] |
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DOL Relief |
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| Hurricane | Loans/Distributions | Participant Contributions and Loan Repayments | Blackout Notices | Form 5500 |
| Harvey [EBSA News Release 17-12160NAT] | Documentation and verification requirements: TBA | Nonenforcement of temporary deposit deadlines if affected by hurricane and if fiduciaries act reasonably, prudently, and in employees’ interests as soon as practical | Will consider hurricane to be natural disaster and will not allege a violation just because employer did not follow written determination procedures regarding delay | Same as IRS relief |
| Irma [ EBSA News Release 17-1297-NAT] | Same as Harvey | Same as Harvey | Same as Harvey | Same as IRS release |
| PBGC Relief | ||||
| Hurricane | Eligibility | Premium Payments | Reportable Events Filings | Single Plan Termination Filings |
| Harvey [PBGC Disaster Relief Notice Number 17-09] | Given relief by IRS | Extended to 1/31/18 if otherwise due on or after 8/23/17 | Require pre-event notification: case-by-case
Require post-event notification: extended to 1/31/18 |
Standard Plan Termination notice; completion of plan asset distributions, Post-Distribution Certification, Distress Plan Termination notice: extended to 1/31/18 |
| Irma [PBGC Disaster Relief Notice Numbers 17-10, 17-11, 17-12. 17-13] | Given relief by IRS | Extended to 1/31/18 if otherwise due on or after 9/7/17 | Same as Harvey | Same as Harvey |
| Maria [PBGC Disaster Relief Notice Numbers 17-14, 17-15] | Given relief by IRS | Extended to 1/31/18 if otherwise due on or after 9/17/17 | Same as Harvey | Same as Harvey |
- Posted by Ferenczy Benefits Law Center
- On September 29, 2017