IRS Releases Guidance on Hardship Rollover Distributions

Washington, DC, June 9, 2000 - The Internal Revenue Service has issued Notice 2000-32, which provides relief relating to the definition of an eligible rollover distribution for certain hardship distributions.

Specifically, Notice 2000-32 provides relief from interpretive rules set forth in previous IRS guidance regarding pre-1989 contributions, hardship distributions made under the terms of a plan that could be distributable under another statutory provision, and the allocation of basis between portions of hardship distributions eligible and ineligible for rollover.