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socrateaser
socrateaser, Attorney
Category: Business Law
Satisfied Customers: 37972
Experience:  Retired (mostly)
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I have an 457b retirement account with my emloyer wich is a

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I have an 457b retirement account with my emloyer wich is a local gov. I have lost almost everything exept for about 1800$ and they say I can't get any of this money unless it is a hardship is there any way to pull my money outrite ?
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Submitted: 7 years ago.
Category: Business Law
Expert:  socrateaser replied 7 years ago.

Needing money for a house won't qualify as an emergency. IRS "qualified" accounts have specific rules that were...well, "qualified" by the IRS. Any variation from the plan rules invalides the plan and holds the employer liable for the deferred taxes for every dollar in the plan. So, the plan administrator will not accommodate you without a true emergency (heart surgery, etc.).

 

If you want to know exactly what sort of emergency will qualify, you'll have to read the plan documents.

 

Hope this helps.

 

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