Links to Katrina Relief
Congress passed a new law (KETRA) in response to the Katrina disaster, and the IRS, DOL, and other agencies have provided other Katrina relief. On this page you’ll find a short description of various forms of Katrina disaster relief relating to employee benefit plans within the scope of our seven manuals, and a link to each item.
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Legislation:
Katrina Emergency Tax Relief Act of 2005
Pub. L. No. 109-73 (Sept. 23, 2005)
This law provides (among other things) certain tax relief for distributions from qualified plans (including 401(k) plans) and increased limits for plan loans made to Katrina victims.
Also see our articles at www.ebia.com/WeeklyArchives/401k/Statutes/16364 and www.ebia.com/WeeklyArchives/401k/Statutes/16363
Note: A Premium Access subscription is required to view EBIA articles.
IRS and Treasury Guidance:
Department of Treasury Hurricane Katrina Relief
This website provides links to information about tax relief and other topics of interest to victims of Hurricane Katrina.
Help for Katrina Victims: Information on Tax Relief, Charitable Issues
This website has links to IRS and other federal agency websites with information about tax relief, charitable issues, and other topics related to Hurricane Katrina relief.
Katrina News Releases & Legal Guidance
This website has links to IRS news releases and legal guidance related to Hurricane Katrina relief.
Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma
IRS Publication 4492 (Jan. 2006)
This publication explains the major provisions of the Katrina Emergency Tax Relief Act of 2005 and the Gulf Opportunity Zone Act of 2005.
Qualified Hurricane Retirement Plan Distributions and Repayments
IRS Form 8915 (2005)
This form is used to report qualified hurricane distributions from, and repayments to, eligible retirement plans.
Tax Favored Treatment for Early Distributions from IRAs and other Retirement Plans for Victims of Hurricane Katrina
IRS News Release IR-2005-122 (Oct. 17, 2005)
This news release reminds taxpayers who suffered losses as a result of Hurricane Katrina of the changes in the tax law made by KETRA that provides for tax-favored withdrawals, recontributions, and loans from certain retirement plans.
Deadlines for Taxpayers Affected by Hurricane Katrina Extended Until Feb. 28
IRS News Release IR-2005-112 (Sept. 28, 2005)
This news release announces an extension of time to February 28, 2006 for certain taxpayers affected by Hurricane Katrina to file tax returns, pay taxes, and perform certain other time-sensitive acts.
Notice Summarizing and Clarifying the Relief Previously Granted by the IRS Under Code Sections 6081, 6161, 6656, and 7508A With Respect to Taxpayers Affected by Hurricane Katrina
IRS Notice 2005-73 (Sept. 21, 2005)
This notice summarizes and clarifies certain IRS relief for taxpayers affected by Hurricane Katrina (e.g., extensions of deadlines for tax filing and other time-sensitive acts).
Leave-Donation Programs for Victims of Hurricane Katrina
IRS Notice 2005-68 (Sept. 8, 2005)
This notice allows employers to establish programs under which employees can elect to forgo their vacation, sick, or personal leave in exchange for cash payments by their employers to qualified tax-exempt organizations providing relief for victims of Hurricane Katrina.
Also see our article at www.ebia.com/WeeklyArchives/CafeteriaPlans/Statutes/16627
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Joint IRS and DOL Guidance:
Additional Extension of Time Frames for Employee Benefit Plans Affected by Hurricane Katrina
70 Fed. Reg. 59619 (Oct. 12, 2005)
This announcement further extends the time frames covered in the relief granted by the IRS and DOL on September 21, 2005 (see next item).
Also see our article at www.ebia.com/WeeklyArchives/ERISA/Statutes/18034 and our Katrina Compliance Kit, which includes a Question & Answer page and sample documents for disclosing the extended deadlines to participants and other affected individuals.
Note: A Premium Access subscription is required to view EBIA articles or to access the Katrina Compliance Kit.
Extension of Certain Time Frames for Employee Benefit Plans Affected by Hurricane Katrina
70 Fed. Reg. 55499 (Sept. 21, 2005)
This announcement provides an extension of certain time frames that would otherwise apply to victims of Hurricane Katrina under the HIPAA portability and COBRA provisions of ERISA and the Code, and under the ERISA claims procedure requirements.
Also see our article at www.ebia.com/WeeklyArchives/ERISA/Statutes/16987 and our Katrina Compliance Kit, which includes a Question & Answer page and sample documents for disclosing the extended deadlines to participants and other affected individuals.
Note: A Premium Access subscription is required to view EBIA articles or to access the Katrina Compliance Kit.
Fact Sheet: Extension of Time Frames to Help Plans and Individuals Affected by Hurricane Katrina
This DOL Fact Sheet addresses the extended HIPAA portability, COBRA, and ERISA claims procedure time frames that apply to victims of Hurricane Katrina under guidance jointly issued by the IRS and DOL on September 21, 2005 and October 12, 2005 (see the two items above).
Also see our articles at www.ebia.com/WeeklyArchives/ERISA/Statutes/18034
and www.ebia.com/WeeklyArchives/ERISA/Statutes/16987
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Retirement Plans Can Make Loans, Hardship Distributions to Katrina Victims
IRS Announcement 2005-70 (Sept. 15, 2005)
This IRS announcement allows certain plan participants affected by Hurricane Katrina to more easily access their retirement funds and includes relief from certain plan verification procedures that generally are required for making distributions and loans.
EBSA News Release 05-1728-NAT (Sept 15, 2005)
In this announcement, the DOL advises that it will not treat persons as having violated Title I of ERISA solely because they made distributions or loans as permitted by IRS Announcement 2005-70.
Also see our article at www.ebia.com/WeeklyArchives/401k/Statutes/16366
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DOL Guidance:
DOL Hurricane Recovery Assistance
This website provides information regarding DOL assistance and relief for victims of Hurricane Katrina, as well as links to DOL guidance on specific topics.
Contact Information for Employee Benefit Plan Sponsors Located in the Hurricane Disaster Areas
This DOL website provides a database with contact information for employers and plan sponsors whose operations have been disrupted by Hurricane Katrina.
Relief for Delayed Participant Contributions, Loan Repayments, and Blackout Notices: Katrina Enforcement Policy (Sept. 15, 2005)
This DOL enforcement policy statement addresses the deadlines for depositing participant contributions and loan repayments in a trust and the blackout notice requirements applicable to certain ERISA pension plans (including 401(k) plans) affected by Hurricane Katrina.
Also see our article at www.ebia.com/WeeklyArchives/401k/Statutes/16365
Note: A Premium Access subscription is required to view EBIA articles.
U.S. Postal Service
Service Updates Related to the Gulf Coast Hurricanes
This website provides information about mail service to areas affected by the Gulf Coast hurricanes.
FEMA
Hurricane Katrina Information
This website provides links to state-by-state lists of the counties that have been designated for assistance as a result of Hurricane Katrina, as well as other news and information regarding Hurricane Katrina.
