Posts Tagged ‘retirement plan loan’

What Are The Rules For Taking A Distribution from My 401(k) Plan?

Monday, August 12th, 2013

So maybe you’ve been storing up money in your 401(k) plan for years, possibly even decades. Or maybe you’ve just started paying into your 401(k), and have a little bit of money in your account. You suddenly find yourself in a situation where you need money… and you need it now. What do you do? (more…)

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Will I Be Penalized for a Hardship 401K Withdrawal?

Monday, October 17th, 2011

A reader asked: I wanted to do a hardship with my 401k and was wondering if would be penalized 10 percent of the balance? I borrowed from my 401k and haven’t paid all of it back yet. Will I be able to do a hardship with remaining balance left? (more…)

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Can I Take a Loan Against My Company Retirement Plan?

Thursday, May 6th, 2010

The short answer is – it depends on your plan. Retirement plan participant loans are an optional feature of qualified plans.

The IRS and Department of Labor dictate the loan limits and manner by which retirement plan loans and repayments can be made. The plan must contain a written loan policy explaining the requirements and terms; loans must be available to all participants. Here’s a summary: (more…)

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