On September 12th the IRS granted relief to taxpayers who have been adversely affected by Hurricane Irma and who have retirement assets in qualified employer plans that they would like to alleviate hardships caused by Hurricane Irma.   Nationwide intends to comply with IRS relief for victims of Hurricane Irma and will implement our expedited Unforeseeable Emergency (UE) process.

 

Information from Nationwide’s (NRS) efforts to help expedite the Unforeseeable Emergency Distribution (UE) for those plans that the IRS had granted relief to. For more information please view this link.

 

Please be aware that NRS received IRS relief announcement and the attached PDF has more additional details on the matter.

 

Plan participants in the following counties can start calling NRS to request OTP now.

Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota, St. Johns.

 

The money out and call center will begin accepting Over the Phone UE distribution and participants can request UE Distribution by calling customer service at 1-877-677-3678 to alleviate hardships caused by Hurricane Irma without supporting documentation.

However, if a participant request an Over the Phone UE distribution, Nationwide will make a reasonable attempt to gather any documentation as soon as possible at a later date.

Plus, the participant will receive the necessary disclosure via phone on our recorded line to remind them that supporting documentation will be needed later.

Normal taxation would occur all Over the Phone UE distribution as it is still falls under the Unforeseeable Emergency taxation rules.

 

This process above does not apply to any Plan that does not utilize NRS for Unforeseeable Emergency reviews, like Broward County Deferred Compensation Plan and State of Florida Plan, even if their participating employees reside or work in one of the counties listed above.

 

Also. Miami-Dade County Deferred Compensation has a custom OTP UE process and our MDC team is aware of it.

Click here to read the NW letter