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How To Get Past 401?

How is it possible for me to get money from my 401 k retirement plan when the plan has strict withdrawal rules, like house purchase only?

  • The reason my family needs this money is extremely important because our home septic tank system has failed and to get the problem fixed its going to be $5500.00 and we don't have all of the money. meanwhile the septic tank is so bad that we cannot even shower in our own home. I have wrote them letters and sent estimates from the contractor that will be doing the work and they still deny me MY own money. PLEASE HELP MY FAMILY

  • Answer:

    It's your money. You can sometimes take a loan (some plans provide for that) or withdraw but with a penalty. Here are the IRS rules; if you have a non-standard plan that does not comply with IRS rules, it's likely something you can alert ERISA about. http://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Hardship-Distributions

jasonpierce78 at Ask.com old Visit the source

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Take out a loan against it, then you repay yourself!!!!

twotontony

I would think that you can take a "hardship" loan or something similar. Every plan is different, but as shinypate1 said, if your plan is not compliant, contact ERISA and report them.

LH1997

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