Hardship Withdrawal from 401(k)
Once a participant takes a hardship withdrawal from their 401(k)…how long will the participant be required to stay out of the plan? I’ve read 6 months and heard 12 months. Does each plan set their own time?
Once a participant takes a hardship withdrawal from their 401(k)…how long will the participant be required to stay out of the plan? I’ve read 6 months and heard 12 months. Does each plan set their own time?
Permalink Submitted by Alan Spross on Tue, 2009-09-15 19:39
Yes. 6 months is usually the minimum, but the plan may impose a longer waiting period.