Guest Chris Bullick Posted September 9, 1999 Posted September 9, 1999 Is it possible to take a disbursement from a 401(k) plan direct to yourself? I am willing to pay the IRS penalty. My company states that I am not eligible for loan or hardship distribution. I saw your discussions earlier regarding an event to trigger a distribution and further clarification would be beneficial.
Guest Posted September 9, 1999 Posted September 9, 1999 to trigger a distribution, you would have to: retire, terminate, die, or become disabled. since you said you weren't eligible for loan or hardship, it sounds like you are out of luck if you are still working at that company. check your Summary Plan Description if plan allows in service withdrawals (if there is a match or profit sharing contribution)
jlf Posted September 9, 1999 Posted September 9, 1999 Tom; are not in-service withdrawals distributions, absent the satisfaction of a triggering event? ------------------ [This message has been edited by jlf (edited 09-09-1999).]
MWeddell Posted September 14, 1999 Posted September 14, 1999 In addition to the events mentioned in Tom Poje's posting, many plans allow withdrawals after a participant reaches age 59-1/2, which is allowable under Section 401(k). If your plan accepts employee after-tax contributions and you contributed on an after-tax basis, typically a plan allows those contributions (and investment earnings on them) to be withdrawn while you're still actively employed. [This message has been edited by MWeddell (edited 09-14-1999).]
jlf Posted September 14, 1999 Posted September 14, 1999 Hi Dook: Check your member profile. You may want to correct your mis-spelling of the word "conscious". I'm glad to be of assistance. Let's hope that I don't see fit to edit this message! ------------------
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