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Puerto Rico Government Plan-to-Private Plan Rollovers Allowed | Ogletree, Deakins, Nash, Smoak & Stewart, P.C.

On January 20, 2021, the Puerto Rico Department of the Treasury (
Departamento de Hacienda, commonly known as “Hacienda”) issued Administrative Determination No. 21-01 (AD 21-01), which provides that lump-sum distributions from the retirement plan for Puerto Rico government employees are eligible for direct and indirect rollovers into Puerto Rico–qualified retirement plans maintained by private-sector employers. In practice, however, this determination is unlikely to have much of an impact on the operation of private-sector employer plans.
Background
Since the 1940s, Puerto Rico government employees have been covered by contributory-defined benefit and hybrid pension plans. In 2017, the local government transferred all its employees to a new defined contribution savings plan comparable to the 401(k) plans sponsored by private-sector employers. Previously, distributions from local government plans were ineligible for tax-free rollovers into private-sector employer ....

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U.S. and Puerto Rico Issue Rules on Non-COVID-19 Disaster Relief for Retirement Plans | Ogletree, Deakins, Nash, Smoak & Stewart, P.C.

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Last year, in response to the COVID-19 pandemic, the United States Congress and the Puerto Rico Department of Treasury (Hacienda) granted favorable tax treatment to coronavirus-related distributions (CRDs) and participant loans from U.S.-qualified plans and Puerto Rico-qualified plans, respectively. Recently, both jurisdictions extended similar tax treatment to certain distributions, hardship withdrawals, and plan loans related to non-COVID-19 disasters.
U.S. Disaster Relief Rules
Section 302 of the Consolidated Appropriations Act (CAA), 2021 provides special tax relief to make it easier for participants to access funds from their tax qualified retirement plans to recover from disaster losses. Under the CAA, a “qualified disaster area” is defined as any area where a major disaster is declared by the president under the Stafford Act between January 1, 2020, and February 25, 2021, if the incident period beg ....

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