Welcome! | Ask A Question

 
 
 
 
Question

Asked 8/25/2009

I have try to get my hardship withdraw but they I got denied?. I have all the papers they needed it, do they have the right to do that?

A year ago i took a hard ship withdrawal and i got approve and I try to get again because i have eviction notice from my landlord and I have $30,000 in my 401k and I try to get a hardship withdraw but I got denied. I have all the papers they need it but I still got denied, does the company have the right to do that?

from:
california

 
 
 
 
 
Answers

Answer 1/5 - Submitted 8/27/2009

What did you send in for proof? If it was an eviction notice, it should suffice as proof..
What did they state as a reason for denial?
Your employer, the plan sponsor, has the right to deny it, or even to change the plan to Not allow hardship withdrawals at all.. they do not have to provide that option.
Also you can only take out what YOU personally have put in for hardship, none of the money your employer has contributed, (in most plans)
So what exactly did they tell you?

 
 

Answer 2/5 - Submitted 8/29/2009

I send them my eviction notice and form that they needed me to sign. The company handle my 401K told me that I already took what I put in. I don't think my company put in that much money to my account. I am pretty sure that I still have more money that I put in left in my account. When I called in to ask If i can still withdraw I been told that I can withdraw 15k but i send the form i been denied.

 
 

Answer 3/5 - Submitted 9/1/2009

It is not like a loan.. they can't just say "denied " What exactly did the letter say..
Did you forget to sign something? IS there not enough available to you? Check your last statement all you can withdraw would be called either Pre tax employee contributions, or deferrals, something along those lines.....

 
 

Answer 4/5 - Submitted 9/1/2009

I did not forgot to sign any papers and no paper work or form they ask me to fill it up I did not turn in. I send everything they ask me to do and I send all the form and paper works they ask me to send but I still got denied. Should I get a lawyer and sue the company? Do you have any suggestion what should I do?

 
 

Answer 5/5 - Submitted 9/2/2009

No a lawyer would not be worth it... there has to be something in the plan document -- the employer always has the RIGHT to deny any hardship or loan.. but they rarely do...
Ask them the reasons for the denial. without knowing your contribution and balance I can't give a definitive answer.. the administrator has to give you a reason if you ask. Did the employer deny it? Do you not have the funds? ? etc

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
No income, but deductions

I was out of work for the entire year of 2007. i did not collect any unemployment. even though i have no income to report, i do have deductions and i have in the past itemized deductions. how do i file and claim deductions since i have no income to report? should i withdraw from my 401k in order...

See Answers

 
401k withdrawal

Can you withdraw funds from a 401k at any time due to a terminal illness?

See Answers

 
Taxes and penalties on 401k early withdrawal for new home

If i withdraw my 401k to purchase a house would i still be subjected to the 10% penalty and taxes or just taxes?

See Answers

 
Related Questions

No income, but deductions


I was out of work for the entire year of 2007. i did not collect any unemployment. even...

 

401k withdrawal


Can you withdraw funds from a 401k at any time due to a terminal illness?

 

Taxes and penalties on 401k early withdrawal for new home


If i withdraw my 401k to purchase a house would i still be subjected to the 10% penalty and...

 

401k


My husband has a 401k plan at work but the employer doesn't match so it isn't growing...

 

Hardship withdrawal


We had an emergency and needed to get a new septic costing appx $18,000. i am considering...

 

Do i still owe taxes on my esop


My husband received money from a profit sharing plan with the company he worked for it was...

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: