401k

[franklin fodero]

i work in pennsylvania,i have a 401k through my employer and would like to withdraw my money to rent an appartment since getting a mortgage is almost impossible for me, i have already lost a home to foreclosure 2 years ago.
the funds can only be withdrawn for hardship , which i found out to late to save my first house.for ex. medical expences,funeral ,college tuition, and to purchase a primary residence. after a meeting with my personell mngr. she scoffed at my reason for withdraw to rent and furnish an appartment. is there anything i can do to get my money? i am willing to pay taxes and penalties .What is the name of your state (only U.S. law)?

 

[pattytx]

Sorry, but there are specific restrictions under the law for hardship withdrawals and failure to comply with those restrictions may jeopardize the entire preferential tax treatment of the plan.


Your only other alternative would be a loan from the plan IF the plan rules allow for it (they don't have to).

 

[davew128]

What did the plan administrator say when you called and asked? No? Then the answer is no.

 

[efflandt]

Normally you cannot withdraw anything from a 401(k) at a current employer (unless older than the plan considers retirement age), although, they may allow a 401(k) loan for limited purposes (rent is not one of them). Plans can vary and that should all be spelled out in the plan documents, which you should be able to request if you do not have a copy.