Haw. Code R. § 14-44-44 - Request for an in-service coronavirus related distribution under the CARES Act

(a) A participant may request an in-service withdrawal for coronavirus related distributions under the CARES Act, provided that the withdrawal is a single or lump sum or partial lump sum distribution from the account up to a maximum aggregate limit of $100,000 on or after January 1, 2020 and before December 31, 2020.

(b) The participant must:

(1) Be diagnosed with the virus SARS-CoV-2 or with COVID-19 by a test approved by the Centers for Disease Control and Prevention;

(2) Have a spouse or dependent who is diagnosed similarly with the virus or disease; or

(3) Be experiencing adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to the virus, being unable to work due to a lack of child care due to the virus, the closing or reducing hours of a business owned or operated by the individual due to the virus; or other eligibility factors as determined by the Internal Revenue Service.

A self-certification form that satisfies the eligibility requirements for a coronavirus related distribution must be submitted by the participant.

(c) An election for a withdrawal by a participant shall be filed with the administrator and subject to the administrator's approval. A participant shall certify whether the withdrawal satisfies the eligibility requirements for a coronavirus related distribution.

(d) A distribution to satisfy an approved coronavirus related withdrawal shall not be permitted from the designated Roth account.

Notes

Haw. Code R. § 14-44-44

[Eff and comp 10/7/2023] (Auth: HRS § 88E-3) (Imp: HRS § 88E-3)