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ARTICLE · 07 MARCH 2018

The Budget Act Makes Some Surprising Changes To Benefit Plans

McDermott Will & Emery
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On February 9, 2018, President Trump signed a bipartisan budget deal into law, effectively extending federal funding through March 23, 2018.

United StatesEmployment and HR
Jacob Mattinson
Jacob Mattinson
Sarah Engle
Sarah Engle
Maureen O'Brien
Maureen O'Brien
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Summary

On February 9, 2018, President Trump signed a bipartisan budget deal into law, effectively extending federal funding through March 23, 2018. The act includes multiple provisions affecting employee benefit plans, including relaxed hardship withdrawal rules and relief for individuals affected by the California wildfires.

In Depth

On Friday, February 9, 2018, President Trump signed the Bipartisan Budget Act of 2018 (Budget Act) into law, ending a nine-hour funding gap created when the legislation reopening the federal government after last month's shutdown expired. The Budget Act, which extends funding for the federal government until March 23, 2018, also includes several important provisions affecting employer-sponsored retirement plans.

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