Guest Jeff Hewett Posted July 1, 2002 Posted July 1, 2002 I have a participant who only has deferrals. He requested a loan and hardship for the maximum amount. The loan was done for 50% of the total balance. Is it possible to do a hardship now? What about the 50% security for the loan? Thanks in advance, Jeff
Guest F1fan Posted July 1, 2002 Posted July 1, 2002 You should review the preamble to the IRS 401(k) regulations issued in T.D. 8357. The preamble gives the IRS position as to why it could be possible to permit a hardship withdrawal based upon information that you detailed.
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