Guest vivian918 Posted February 15, 2001 Posted February 15, 2001 I am attempting to withdrawal from my 401k for Dental work I have to do. First Question- Is this considered a hardship? Second question- If not, can I simply withdrawal my 401k and pay the penalties? My employer is telling me as long as I work for them, I can not withdraw from my 401k. Would that be correct? Appreciate any help you can offer. Thanks!
RCK Posted February 15, 2001 Posted February 15, 2001 The general answer is that you might not be able take a distribution while still employed--it depends on your plan. You will need to look at your plan's Summary Plan Description (SPD) to see what is available to you. You might have the right to take a Hardship Withdrawal for certain purposes, including uninsured dental expenses. You might have the ability to take out a loan, and use that to pay the dental expense. And if you are age 59 1/2, you might have the right to take a distribution while still employed. RCK
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now