Can I take a 401k hardship withdrawal to pay off my bankruptcy?
Q. I owe a small amount on bankruptcy I want to get it filed. Will 401k let me do a hardship withdrawal to pay off remainder of the money/
Asked by ICU2007 - Sat May 2 17:54:36 2009 - - 3 Answers - 0 Comments
A. In some cases, yes.
Answered by $so fresh so clean$ (3 for 3) - Sat May 2 18:18:37 2009
Q. I owe a small amount on bankruptcy I want to get it filed. Will 401k let me do a hardship withdrawal to pay off remainder of the money/
Asked by ICU2007 - Sat May 2 17:54:36 2009 - - 3 Answers - 0 Comments
A. In some cases, yes.
Answered by $so fresh so clean$ (3 for 3) - Sat May 2 18:18:37 2009
Can a 401K plan prohibit Hardship withdrawals?
Q. If a person is having a hard time financially, can a 401K plan prohibit hardship withdrawals? A friend is being told by an employer that their plan does not allow hardship withdrawals. Because her husband is between jobs, they need to withdraw money to meet their bills. Is there any way for her to access the money in her 401K?
Asked by * - Tue Apr 1 17:10:02 2008 - - 4 Answers - 0 Comments
A. The plan document is what she needs to read. I am a Pension Plan Administrator and an employer has the right to elect to not allow hardship withdrawals from a 401(k). The employer gets to make those choices when the plan is originally set up. The Plan document will specify these restrictions.
Answered by Football King - Tue Apr 1 17:24:50 2008
Q. If a person is having a hard time financially, can a 401K plan prohibit hardship withdrawals? A friend is being told by an employer that their plan does not allow hardship withdrawals. Because her husband is between jobs, they need to withdraw money to meet their bills. Is there any way for her to access the money in her 401K?
Asked by * - Tue Apr 1 17:10:02 2008 - - 4 Answers - 0 Comments
A. The plan document is what she needs to read. I am a Pension Plan Administrator and an employer has the right to elect to not allow hardship withdrawals from a 401(k). The employer gets to make those choices when the plan is originally set up. The Plan document will specify these restrictions.
Answered by Football King - Tue Apr 1 17:24:50 2008
How long does it take T. Rowe Price to overnight my 401k Hardship Withdrawal check?
Q. I'm sending it to them today for tmrw delivery. Also, why won't they wire transfer? It's for $6k total.
Asked by ohsogirly - Thu Nov 2 08:55:17 2006 - - 1 Answers - 0 Comments
A. They never wire transfer because of the fees. It should be to you in a few days.
Answered by Mike B - Thu Nov 2 15:50:43 2006
Q. I'm sending it to them today for tmrw delivery. Also, why won't they wire transfer? It's for $6k total.
Asked by ohsogirly - Thu Nov 2 08:55:17 2006 - - 1 Answers - 0 Comments
A. They never wire transfer because of the fees. It should be to you in a few days.
Answered by Mike B - Thu Nov 2 15:50:43 2006
How long does it take to withdrawal money from my 401k? It is for a hardship?
Q. I need a hardship loan and my 401k is my only choice. How long would it take to get the money?
Asked by frozencustard - Sun Jan 10 12:32:21 2010 - - 4 Answers - 0 Comments
A. It depends. As little at two days and as many as 6 weeks.
Answered by Daddy Paul - Sun Jan 10 14:03:20 2010
Q. I need a hardship loan and my 401k is my only choice. How long would it take to get the money?
Asked by frozencustard - Sun Jan 10 12:32:21 2010 - - 4 Answers - 0 Comments
A. It depends. As little at two days and as many as 6 weeks.
Answered by Daddy Paul - Sun Jan 10 14:03:20 2010
Is this a hardship to withdraw from 401k?
Q. I am unemployed. In the event I cannot find a job and my benefits run out, can I claim unemployment as a hardship and withdraw money from my 401k at a lower tax bracket? So I can have money to live?
Asked by Digital Age - Sat Feb 20 17:06:15 2010 - - 6 Answers - 0 Comments
A. As you no longer work for the sponsoring employer, you can withdraw it at any time which should be a very last resort. For tax purposes, there is no difference between an ordinary withdrawal and a hardship withdrawal. You will pay ordinary income taxes plus a 10% penalty.
Answered by Wayne Z - Sat Feb 20 21:01:46 2010
Q. I am unemployed. In the event I cannot find a job and my benefits run out, can I claim unemployment as a hardship and withdraw money from my 401k at a lower tax bracket? So I can have money to live?
Asked by Digital Age - Sat Feb 20 17:06:15 2010 - - 6 Answers - 0 Comments
A. As you no longer work for the sponsoring employer, you can withdraw it at any time which should be a very last resort. For tax purposes, there is no difference between an ordinary withdrawal and a hardship withdrawal. You will pay ordinary income taxes plus a 10% penalty.
Answered by Wayne Z - Sat Feb 20 21:01:46 2010
can i withdrawal my 401k on a hardship to buy a home ? i have a single wide home .want to get double wide?
Q. we read where you can take a hardship out on a 401k withdrawal but was wondering if we can avoid alot of the 20% plus taxing that they take out. we are in the process of getting a doulbe-wide mobile home. and a good down payment would be help full from the 401k . any help or info?
Asked by paavine - Sat Oct 11 10:55:14 2008 - - 4 Answers - 0 Comments
A. Buying a home does not qualify for a hardship withdrawal.
Answered by bud68 - Sat Oct 11 11:06:18 2008
Q. we read where you can take a hardship out on a 401k withdrawal but was wondering if we can avoid alot of the 20% plus taxing that they take out. we are in the process of getting a doulbe-wide mobile home. and a good down payment would be help full from the 401k . any help or info?
Asked by paavine - Sat Oct 11 10:55:14 2008 - - 4 Answers - 0 Comments
A. Buying a home does not qualify for a hardship withdrawal.
Answered by bud68 - Sat Oct 11 11:06:18 2008
When taken funds out of a 401K is unemployment considered a hardship?
Q. I lost my job 2 months ago. I went to the Family Independence Agency and they said they couldn't help me because I have too much in assets (over 3,000.00). So basically I need to take the money out of my 401k and then spend it to survive until it runs out so I can get assistance, but when I go to get the forms from the 401k company unemployment isn't listed as a hardship in order to not pay the 10% penalty (on top of the 20% given to taxes. I don't mind the taxes because I might get that back next year at tax time but why can someone buying a house get a break on the penalty where someone trying to save his house doesn't? Sorry that should actually be "When TAKING funds..."
Asked by parkdad73 - Thu Mar 1 11:36:54 2007 - - 3 Answers - 0 Comments
A. The only hardship that you can remove funds from a 401(k) plan without paying the 10% penalty tax is to either pay medical expenses that exceed 7.5% of your AGI or if you become totally and permanently disabled. Your situation, unfortunately, does not qualify for exclusion from the10% penalty tax. Someone buying a home CANNOT remove funds from a 401(k) without paying the penalty tax. That option is available for distributions from an IRA, but not from a 401(k). You should check and see if retirement fund accounts are exempt from consideration as resources available for your support. Bank deposits are counted, of course, but retirement funds may be exempt.
Answered by Bostonian In MO - Thu Mar 1 11:44:12 2007
Q. I lost my job 2 months ago. I went to the Family Independence Agency and they said they couldn't help me because I have too much in assets (over 3,000.00). So basically I need to take the money out of my 401k and then spend it to survive until it runs out so I can get assistance, but when I go to get the forms from the 401k company unemployment isn't listed as a hardship in order to not pay the 10% penalty (on top of the 20% given to taxes. I don't mind the taxes because I might get that back next year at tax time but why can someone buying a house get a break on the penalty where someone trying to save his house doesn't? Sorry that should actually be "When TAKING funds..."
Asked by parkdad73 - Thu Mar 1 11:36:54 2007 - - 3 Answers - 0 Comments
A. The only hardship that you can remove funds from a 401(k) plan without paying the 10% penalty tax is to either pay medical expenses that exceed 7.5% of your AGI or if you become totally and permanently disabled. Your situation, unfortunately, does not qualify for exclusion from the10% penalty tax. Someone buying a home CANNOT remove funds from a 401(k) without paying the penalty tax. That option is available for distributions from an IRA, but not from a 401(k). You should check and see if retirement fund accounts are exempt from consideration as resources available for your support. Bank deposits are counted, of course, but retirement funds may be exempt.
Answered by Bostonian In MO - Thu Mar 1 11:44:12 2007
help me figure out how to pay taxes on my 401k hardship loan plz?
Q. I got a hard ship loan from my 401k that I dont have to payback but opted not to pay taxes on till tax time I am not really sure where to enter it under income & wages Plz help Remember this is not a loan Sorry for the typo this was not a loan at all it was just a hardship but I do need to pay taxes on it and it will be considered as income
Asked by caring father - Fri Jan 22 12:47:24 2010 - - 3 Answers - 0 Comments
Q. I got a hard ship loan from my 401k that I dont have to payback but opted not to pay taxes on till tax time I am not really sure where to enter it under income & wages Plz help Remember this is not a loan Sorry for the typo this was not a loan at all it was just a hardship but I do need to pay taxes on it and it will be considered as income
Asked by caring father - Fri Jan 22 12:47:24 2010 - - 3 Answers - 0 Comments
401K Hardship Rules and Penalties?
Q. I just had to quit my job unexpectedly. I want to cash my 401K in so I can pay my rent! This acct is from a previous job I had a few years ago. It has about $4000 in it. I am not sure what the penalties and guidelines are for a hardship loan/withdrawl? I need the $ quickly.
Asked by MMAARREE - Wed Aug 15 09:02:45 2007 - - 4 Answers - 0 Comments
A. First, you have to prove and document your hardship and provide evidence that it can't be cured through other financial means. You will be taxed at ordinary income for all of your withdrawls and also face an additional 10% penalty tax. Generally, hardship distributions from a 401(k) plan are limited to the amount of the employee's elective deferrals only, and do not include any income earned on the deferred amounts. Hardship distributions are not treated as eligible rollover distributions. A distribution may be deemed to be immediate and heavy financial need, if the distribution is for payments necessary to prevent the eviction of the employee from the employee s principal residence or foreclosure on the mortgage on that residence. … [cont.]
Answered by PK - Wed Aug 15 10:36:23 2007
Q. I just had to quit my job unexpectedly. I want to cash my 401K in so I can pay my rent! This acct is from a previous job I had a few years ago. It has about $4000 in it. I am not sure what the penalties and guidelines are for a hardship loan/withdrawl? I need the $ quickly.
Asked by MMAARREE - Wed Aug 15 09:02:45 2007 - - 4 Answers - 0 Comments
A. First, you have to prove and document your hardship and provide evidence that it can't be cured through other financial means. You will be taxed at ordinary income for all of your withdrawls and also face an additional 10% penalty tax. Generally, hardship distributions from a 401(k) plan are limited to the amount of the employee's elective deferrals only, and do not include any income earned on the deferred amounts. Hardship distributions are not treated as eligible rollover distributions. A distribution may be deemed to be immediate and heavy financial need, if the distribution is for payments necessary to prevent the eviction of the employee from the employee s principal residence or foreclosure on the mortgage on that residence. … [cont.]
Answered by PK - Wed Aug 15 10:36:23 2007
Anyone ever had to use a hardship withdraw from their 401k?
Q. I am buying a home. I know I can take a hardship withdraw from my 401k to go toward the purchase of a home. (I know I will be penilized)...my question is can they (meaning my hr department) deny it for any reason or is this done fairly quickly? As long as the money is there, and I have "good faith estimates" to show how likely are they to say ok? I'm asking you guys because I submitted my paperwork Friday and found out today Head of HR won't be back from vacation until 7/23 and we need to close by 8/6, and I am nervous. Anyone ever had a hardship withdrawl, and how was the process? Thanks in advance!
Asked by stephanie m - Tue Jul 17 08:13:14 2007 - - 3 Answers - 0 Comments
A. It can be very quick, or it can take a long time. It depends entirely on your company and the deal that they have with the 401(k) provider. Some plans only allow withdrawals/loans at certain times of the month, and if you miss the deadline you have to wait another month. Other plans allow them at any time. If you have recently had any changes in your life, like marriage or divorce, there may also be delays. If your company isn't willing or able to have someone else handle this while the head of HR is on vacation, you may end up having to delay the closing, so hopefully your seller is willing to wait. I once had to delay a closing for two months because my buyer was getting money from his 401(k) and had recently been divorced. His… [cont.]
Answered by aj485 - Tue Jul 17 08:25:10 2007
Q. I am buying a home. I know I can take a hardship withdraw from my 401k to go toward the purchase of a home. (I know I will be penilized)...my question is can they (meaning my hr department) deny it for any reason or is this done fairly quickly? As long as the money is there, and I have "good faith estimates" to show how likely are they to say ok? I'm asking you guys because I submitted my paperwork Friday and found out today Head of HR won't be back from vacation until 7/23 and we need to close by 8/6, and I am nervous. Anyone ever had a hardship withdrawl, and how was the process? Thanks in advance!
Asked by stephanie m - Tue Jul 17 08:13:14 2007 - - 3 Answers - 0 Comments
A. It can be very quick, or it can take a long time. It depends entirely on your company and the deal that they have with the 401(k) provider. Some plans only allow withdrawals/loans at certain times of the month, and if you miss the deadline you have to wait another month. Other plans allow them at any time. If you have recently had any changes in your life, like marriage or divorce, there may also be delays. If your company isn't willing or able to have someone else handle this while the head of HR is on vacation, you may end up having to delay the closing, so hopefully your seller is willing to wait. I once had to delay a closing for two months because my buyer was getting money from his 401(k) and had recently been divorced. His… [cont.]
Answered by aj485 - Tue Jul 17 08:25:10 2007
Hardship withdrawal from 401k for down payment on a home?
Q. I am 36 years old and I have about $50,000 dollars in my 401k. I am interested in buying a friend's house ($110,000), but I don't have the savings for a down payment. I can take a $14,000 hardship withdrawl from my retirement. How would this money be taxed (at what percent and when are the taxes paid?) Could it be offset by first time buyer income tax breaks? Are there other options available that would not require a down payment and keep my retirement intact??
Asked by GgMac - Wed Jan 24 03:48:43 2007 - - 6 Answers - 0 Comments
A. You take a 20% hit up front and get 1099ed as taxable income. All 401ks have the ability to withdrawl up to half of your 401k (up to 50k I believe) for the purchase of a primary residence without a upfront penalty. Talk to your 401k rep at your company. Regards
Answered by satarnag - Wed Jan 24 05:10:31 2007
Q. I am 36 years old and I have about $50,000 dollars in my 401k. I am interested in buying a friend's house ($110,000), but I don't have the savings for a down payment. I can take a $14,000 hardship withdrawl from my retirement. How would this money be taxed (at what percent and when are the taxes paid?) Could it be offset by first time buyer income tax breaks? Are there other options available that would not require a down payment and keep my retirement intact??
Asked by GgMac - Wed Jan 24 03:48:43 2007 - - 6 Answers - 0 Comments
A. You take a 20% hit up front and get 1099ed as taxable income. All 401ks have the ability to withdrawl up to half of your 401k (up to 50k I believe) for the purchase of a primary residence without a upfront penalty. Talk to your 401k rep at your company. Regards
Answered by satarnag - Wed Jan 24 05:10:31 2007
What is a cost effective way to pull money out of a 401k account without considering a hardship withdrawal?
Q. I do not qualify for hardship withdrawal. I want to use as cash but am worried about the tax hit.
Asked by rsong76 - Mon Nov 12 12:14:50 2007 - - 3 Answers - 0 Comments
A. Not only is there a tax hit but you will pay a 10% penality if you are not 59 1/2. Your 401k is for your retirement. It is not meant to be a savings account. Worse than the taxes and penality you will pay is the fact that you or messing with your retirement. I think the worst rule concerning 401k's is that you have the ability to "borrow" from it. Are there any alternative options available to you besides tapping into your 401k? Please read my profile and send me an email if you think I can be of any further help to you.
Answered by Richard Jackel - Mon Nov 12 12:24:16 2007
Q. I do not qualify for hardship withdrawal. I want to use as cash but am worried about the tax hit.
Asked by rsong76 - Mon Nov 12 12:14:50 2007 - - 3 Answers - 0 Comments
A. Not only is there a tax hit but you will pay a 10% penality if you are not 59 1/2. Your 401k is for your retirement. It is not meant to be a savings account. Worse than the taxes and penality you will pay is the fact that you or messing with your retirement. I think the worst rule concerning 401k's is that you have the ability to "borrow" from it. Are there any alternative options available to you besides tapping into your 401k? Please read my profile and send me an email if you think I can be of any further help to you.
Answered by Richard Jackel - Mon Nov 12 12:24:16 2007
How can you take money out of your 401k other than hardship?
Q. How can you take money out of your 401k other than hardship?
Asked by advance queen - Fri Nov 16 12:19:27 2007 - - 7 Answers - 0 Comments
A. You can be over 62. That probably doesn't apply. I believe you can also use it as a down payment on buying a house. Other than that if you take the money out you will have to pay a 10% penalty plus pay taxes on the amount withdrawn.
Answered by don_sv_az - Fri Nov 16 12:22:50 2007
Q. How can you take money out of your 401k other than hardship?
Asked by advance queen - Fri Nov 16 12:19:27 2007 - - 7 Answers - 0 Comments
A. You can be over 62. That probably doesn't apply. I believe you can also use it as a down payment on buying a house. Other than that if you take the money out you will have to pay a 10% penalty plus pay taxes on the amount withdrawn.
Answered by don_sv_az - Fri Nov 16 12:22:50 2007
401k hardship withdrawal?
Q. What kind of documentation will I have to provide my company with for a 401k hardship withdrawal for medical reasons? If approved, will they send the money to my creditors for me or will I have to do it myself?
Asked by chesirecat834 - Mon Nov 19 15:13:38 2007 - - 4 Answers - 0 Comments
A. The specific answer will be governed by the plans provisions but generally: you will first need to exhaust all traditional loans available to you before applying for a hardship withdrawal. Assuming that you have done that remember that there are commonly only 8 very specific reasons that a hardship will be granted - unpaid medical bills would qualify and you would need to submit that unpaid bill. It is important to note the rules are very specific - so for instance; having a medical bill on a credit card that you can't pay will probably not qualify - most plans will consider this bill "paid" for purposes of the hardship withdrawal. In short you want to build as convincing a case for yourself as you can. The check, in most cases, will… [cont.]
Answered by u - Mon Nov 19 17:14:14 2007
Q. What kind of documentation will I have to provide my company with for a 401k hardship withdrawal for medical reasons? If approved, will they send the money to my creditors for me or will I have to do it myself?
Asked by chesirecat834 - Mon Nov 19 15:13:38 2007 - - 4 Answers - 0 Comments
A. The specific answer will be governed by the plans provisions but generally: you will first need to exhaust all traditional loans available to you before applying for a hardship withdrawal. Assuming that you have done that remember that there are commonly only 8 very specific reasons that a hardship will be granted - unpaid medical bills would qualify and you would need to submit that unpaid bill. It is important to note the rules are very specific - so for instance; having a medical bill on a credit card that you can't pay will probably not qualify - most plans will consider this bill "paid" for purposes of the hardship withdrawal. In short you want to build as convincing a case for yourself as you can. The check, in most cases, will… [cont.]
Answered by u - Mon Nov 19 17:14:14 2007
my boyfriend is trying to do a hardship withdraw on his 401k plan due to hardship, is back taxes a hardship? ?
Q. my borfriend is trying to do a hardship withdraw on his 401k because he owes back taxes and the town put a lein on his home. is'nt that considered a hardship because eventually he can lose his home if he does'nt pay his back taxes?
Asked by jmpoct03 - Sat Aug 23 09:53:21 2008 - - 4 Answers - 0 Comments
A. No, this is something he decided he wanted himself. He refused to pay his taxes, there fore they are still due. Hardships are things that happen to you against your will. Major illness (cancer, stroke, etc) are hardships. Being laid off (but not fired) is a hardship. Blowing your money is not a hardship, it is a life style choice.
Answered by Landlord - Sat Aug 23 11:52:46 2008
Q. my borfriend is trying to do a hardship withdraw on his 401k because he owes back taxes and the town put a lein on his home. is'nt that considered a hardship because eventually he can lose his home if he does'nt pay his back taxes?
Asked by jmpoct03 - Sat Aug 23 09:53:21 2008 - - 4 Answers - 0 Comments
A. No, this is something he decided he wanted himself. He refused to pay his taxes, there fore they are still due. Hardships are things that happen to you against your will. Major illness (cancer, stroke, etc) are hardships. Being laid off (but not fired) is a hardship. Blowing your money is not a hardship, it is a life style choice.
Answered by Landlord - Sat Aug 23 11:52:46 2008
what does it take to get JPMorgan Chase Bank to let go of some of 401k for a hardship case?
Q. We can't get anything out of them, now they want to send us to bankruptcy lawyer... release our friggin money and we won't need bankruptcy? grrr help?
Asked by Hoosier - Fri Jun 19 19:50:13 2009 - - 2 Answers - 0 Comments
A. Your idea of a hardship and your company's are two different things. The administrator of the account, JP Morgan does not have the authority to make that decision. You need to speak to your company HR person.
Answered by Age of Reason - Fri Jun 19 20:55:16 2009
Q. We can't get anything out of them, now they want to send us to bankruptcy lawyer... release our friggin money and we won't need bankruptcy? grrr help?
Asked by Hoosier - Fri Jun 19 19:50:13 2009 - - 2 Answers - 0 Comments
A. Your idea of a hardship and your company's are two different things. The administrator of the account, JP Morgan does not have the authority to make that decision. You need to speak to your company HR person.
Answered by Age of Reason - Fri Jun 19 20:55:16 2009
Should I file for bankruptcy or get a hardship withdrawl from my 401k to get out of debt?
Q. I owe about 5k in credit cards, 4k in personel loans, 15k on my truck, which i'm willing to get rid of the truck since I have another reliable source of transportation.
Asked by fasttrack - Tue Jun 24 16:17:23 2008 - - 11 Answers - 0 Comments
A. You do NOT owe enough to file bankruptcy. I'm not saying that you can't but you can still manage these bills pretty good without filing for bankruptcy. Maybe get a second job? You can get the money from your 401K but you will be penalized and have to pay the taxes on it and that would be about 30% of what you took out.
Answered by tn2vegas - Tue Jun 24 16:24:20 2008
Q. I owe about 5k in credit cards, 4k in personel loans, 15k on my truck, which i'm willing to get rid of the truck since I have another reliable source of transportation.
Asked by fasttrack - Tue Jun 24 16:17:23 2008 - - 11 Answers - 0 Comments
A. You do NOT owe enough to file bankruptcy. I'm not saying that you can't but you can still manage these bills pretty good without filing for bankruptcy. Maybe get a second job? You can get the money from your 401K but you will be penalized and have to pay the taxes on it and that would be about 30% of what you took out.
Answered by tn2vegas - Tue Jun 24 16:24:20 2008
what is hardship loan about in a 401k plan and can I get it if I qiut work?
Q. I have to quit work to take care of my father and I need alittle money to help me get by
Asked by sandymichaud m - Tue Nov 11 11:59:30 2008 - - 3 Answers - 0 Comments
Q. I have to quit work to take care of my father and I need alittle money to help me get by
Asked by sandymichaud m - Tue Nov 11 11:59:30 2008 - - 3 Answers - 0 Comments
401k QDRO split and hardship withdrawal?
Q. Hello. My wife and I are going through a divorce. If we have a qualified domestic relations order (QDRO) and my 401k is split or given as part of the divorce settlement, can I or my exwife (tobe) take money out under hardship withdrwal to purchase a house after the divorce? I wanted to know if either of us can give up the current house we have, the other may be be able to buy a house using the 401k funds. Any help appreciated.
Asked by lucky0505 - Sun Nov 29 16:56:08 2009 - - 2 Answers - 0 Comments
A. i believe a hardship withdrawal is only to save a house you own,not to puchase another. a QDRO withdrawal is court ordered,a completly differant senerio.
Answered by maine guy - Sun Nov 29 17:31:18 2009
Q. Hello. My wife and I are going through a divorce. If we have a qualified domestic relations order (QDRO) and my 401k is split or given as part of the divorce settlement, can I or my exwife (tobe) take money out under hardship withdrwal to purchase a house after the divorce? I wanted to know if either of us can give up the current house we have, the other may be be able to buy a house using the 401k funds. Any help appreciated.
Asked by lucky0505 - Sun Nov 29 16:56:08 2009 - - 2 Answers - 0 Comments
A. i believe a hardship withdrawal is only to save a house you own,not to puchase another. a QDRO withdrawal is court ordered,a completly differant senerio.
Answered by maine guy - Sun Nov 29 17:31:18 2009
I took a hardship from my 401k but now my company sold and a complete disbursement was made to each employee.?
Q. I have been hired by the new company which also has a 401 with a different investment company. Do I still have to wait the balance of my 6 months from the time of hardship in order to participate with the new company???
Asked by Linda L - Wed Jan 23 13:36:01 2008 - - 2 Answers - 0 Comments
A. Nope...that provisions stopped with the sale of your prior employer.
Answered by digdowndeepnseattle - Thu Jan 24 12:23:03 2008
Q. I have been hired by the new company which also has a 401 with a different investment company. Do I still have to wait the balance of my 6 months from the time of hardship in order to participate with the new company???
Asked by Linda L - Wed Jan 23 13:36:01 2008 - - 2 Answers - 0 Comments
A. Nope...that provisions stopped with the sale of your prior employer.
Answered by digdowndeepnseattle - Thu Jan 24 12:23:03 2008
From Yahoo Answer Search: '401k hardship'
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David Nicklaus
ue, 29 Sep 2009 21:57:10 GM
Rather, a new GAO study focuses on the money we remove ourselves through loans, . hardship. withdrawals and decisions to cash out when leaving a job. These actions all hurt one's retirement security, but they're common 15 percent of . 401k. ...
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