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Hardship Withdrawal Rules

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 Hardship Withdrawal Rules

Before you apply for a hardship withdrawal, check to make sure that you meet the following requirements:

  1. You have no other reasonably available resources from which these funds may be obtained, including non-taxable loans from the plan.
    • You must take a loan if you qualify one.  About 401k loans.
    • If you qualify for payment for any other reason (i.e. termination of employment), you can take a normal distribution without meeting the requirements for a hardship. Return to the distribution request and choose another form of payment.

  2. You may only qualify for a hardship for one of the following reasons:
    • To purchase your primary place of residence.
    • To pay the upcoming post-secondary expenses of yourself or your dependents. (Tuition must be due within and not exceed a period of 12 months.)
    • To pay medical and/or hospital expenses for yourself or your dependents.
    • To prevent eviction the eviction from, or foreclosure on the mortgage of your principal residence.
    • To pay for burial or funeral expense for your spouse, parent, child, or tax dependent

  3. The withdrawal cannot exceed the amount to satisfy the need.
    • You must submit proof of hardship, i.e. bills, foreclosure notice, etc.

  4. None of the money you are requesting to withdraw can be subject to a Qualified Domestic Relations Order.
Please remember that, if you take for a hardship withdrawal:
  1. The withdrawal will be subject to normal income tax, plus an additional 10% early distribution penalty.
    • The early withdrawal penalty will not apply when the withdrawal is used to pay medical expenses that exceed 7 1/2% of your adjusted gross income.

  2. You will not be allowed to make any contributions or salary deferrals (if applicable) to any employer plan for at least 6 months after receiving the hardship distribution

Request a distribution or rollover

Request more information: This page outlines your options for distributing your 401k. For more information on withdrawing money from your 401k account, please call a representative of WC Administrators: at (801) 595-1100 or 1-800-748-4865.

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Guardian Life Insurance & Annuity

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    formerly Manulife Financial USA

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