The IRS provides provisions for access to monies in your retirement savings account to meet an “immediate and heavy financial need” or in the case of a 457 account, an “unforseeable emergency.”
Hardship Withdrawal Information for PERAPlus participants:
To request a Hardship Withdrawal from your PERAPlus 401(k) account, please click here* to access the form, which you will print, complete, and submit directly to PERA.
To request a Hardship Withdrawal from your PERAPlus 457(b) account, please click here* to access the form, which you will print, complete, and submit directly to PERA.
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Hardship Withdrawal Information for Participants of the Legacy SVVSD 403(b) and 457 plans:
St. Vrain Valley Schools allows for two 403(b) hardship circumstances under which participants may gain access to their retirement account funds:
- Eminent Foreclosure or Eviction from Principal Residence
- Necessary or Non-elective Medical Expenses
If you wish to submit a request for a hardship withdrawal, please contact your financial advisor to request the form. In addition to the hardship withdrawal form, you must also be able to substantiate the hardship or unforeseeable emergency (i.e. bills, eviction notice, etc.) and you must not be able to meet your hardship need via any other means.
Please note that you’ll still have to pay taxes as well as an IRS-imposed 10% penalty on your withdrawal, and you must cease contributing to your retirement account for six months following the distribution. (Because these plans were frozen as of July 1, 2013, you will not be able to restart contributions to your account after six months.) This kind of action is severely detrimental to your retirement savings account, and so should be carefully considered before proceeding!