IRS releases retirement savings

From the IRS today: News Release 2005-105, which at some point will likely be posted here, says they're going to allow employer retirement plans such as 401(k)'s to make emergency loans or hardship distributions to Katrina victims without penalty. ASPPA was predicting on Monday that they would take some such action. The nuts and bolts are in Announcement 2005-70, which should appear in the next few days on the Advance Notice page, probably at this link.

[UPDATE: The Treasury Dept. press release attaches the announcement text.]