IRS Relaxes 401(k) Rules for Hurricane Victims
The IRS has relaxed rules for obtaining a loan or hardship withdrawal from 401(k) plans for victims of hurricanes Irma and Harvey and their families. This change will make it easier to request and receive 401(k) money for employees whose principal residence or place of employment was located in one of the Federal Emergency Management Agency (FEMA) designated disaster areas—Harvey or Irma. Eligible employees have until January 31, 2018, to request a hardship withdrawal for reasons related to the September hurricanes.
Please note: You should consult your financial/tax adviser with specific questions about your personal situation if you are considering a withdrawal from your 401(k) account.
To initiate a hardship withdrawal, log on to the 401(k) site and click on the Withdraw/Borrow tab, or call Fidelity at 1-866-546-4424.
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Read Fidelity’s communication, Harvey or Irma, for details about this change.