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Asked 10/13/2007
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new laws concerning 401k retirement plans? can you now withdraw funds from a 401k in case of financial or medical hardship? the company policy where i work is you can only recieve money after 90 days if you have been terminated , quit, or retire. |
Answer 1/4 - Submitted 10/13/2007
Answer 2/4 - Submitted 10/13/2007
Answer 3/4 - Submitted 10/13/2007
The law permits hardship withdrawals in certain circumstances, but employers are not required to offer that feature. If your employer does not offer hardship withdrawals, you cannot force them to allow them.
Answer 4/4 - Submitted 10/16/2007
That's not a new law...it's always been allowable but only IF the plan allows it. They are not required to do so....ie it's strictly a plan by plan option.
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