Hurricane Harvey has unleashed devastation beyond comprehension. It’s been encouraging to see our fellow citizens working together to lend a hand and we continue to keep those affected in our thoughts and prayers. As of August 30, 2017, we can also add the IRS to that list of helpers, with the announcement that they will extend hardship and loan distribution relief to employees with employer-sponsored retirement plans:
Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) deferred-compensation plans may be eligible to take advantage of these streamlined loan procedures and liberalized hardship distribution rules. Though IRA participants are barred from taking out loans, they may be eligible to receive distributions under liberalized procedures.
If you have family, friends, or colleagues in the affected areas, please share this information with them. We are also happy to answer questions. Contact us online or call 215-723-4881.