How Do I Apply for an Emergency Withdrawal?
When life throws you an unexpected curve, it's good to know you may have options to help you deal with financial emergencies.
An unforeseeable emergency is defined as a severe financial hardship experienced by you, your spouse or any of your plan beneficiaries. Criteria to qualify for an unforeseeable emergency could differ with your plan, so talk with your Retirement Specialist if you have questions.
Examples of an unforeseeable emergency may include:
- Foreclosure or eviction from your home
- Funeral expenses
- Loss of home due to casualty and not covered by insurance (fire, flood, etc.)
- Medical expenses that are not elective and not covered by insurance
- Other similar extraordinary and unforeseeable events that are beyond the control of you or your beneficiaries
The 401(a) Plan does not permit emergency withdrawals, however, you may request an emergency stop of your contributions and/or potentially apply for a loan.
How do I apply?
To apply for an emergency withdrawal, you’ll need to explain the nature of the emergency and provide proof that your financial need can’t be relieved through other financial means. The following documents explain the definition of emergencies and the application process for the different plans.
To apply, fill out the necessary forms and return it to us via mail or fax.
Things to keep in mind
Not all circumstances qualify as unforeseeable emergencies. If you are approved, you can't request more than is reasonably needed to meet the emergency plus any additional taxes and penalties. You may also be able to apply for a loan from your account or withdraw money from your account if you are terminating employment. Keep in mind that withdrawing large amounts from your account may make rebuilding your retirement investments more difficult in the future.
Get the help you need
Contact us for more information or to apply for an unforeseen emergency distribution.
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