Archived 401K

[Coqui]

Is it possible to access our funds in our 401k plan? If so, how do I go about it. I Know it's only for emergencies but I really need it right now.

 

[AdItemOnly]

targetpayandbenefits has all information about a withdrawl or loan under the 401k status page

 

[Hardlinesmaster]

Withdrawing from 401k, will cost roughly 33% in taxes.
Here is a 2nd option:
Team member Emergency Assistance Fund aka hardship fund.
Talk to your ETL HR about it. You have to fill out a form, your ETL HR has to fill out another form, and they are both sent to TMSC. A group of people reviews your application, and, if you apply, they will put up to $500 into your paycheck. The HR team actually CANT deny you the form. The ETL HR -CAN- decide to NOT recommend you, for whatever reason.

By the way, this is a serious fund meant to help team members in emergency situations.

 

[TiedAndDropped]

Withdrawing from 401k, will cost roughly 33% in taxes.
Here is a 2nd option:
Team member Emergency Assistance Fund aka hardship fund.
Talk to your ETL HR about it. You have to fill out a form, your ETL HR has to fill out another form, and they are both sent to TMSC. A group of people reviews your application, and, if you apply, they will put up to $500 into your paycheck. The HR team actually CANT deny you the form. The ETL HR -CAN- decide to NOT recommend you, for whatever reason.

By the way, this is a serious fund meant to help team members in emergency situations.

I seem to remember that it is a grant, and doesn't have to be paid back. Is that true?

 

[Brewhaha]

Withdrawing from 401k, will cost roughly 33% in taxes.
Here is a 2nd option:
Team member Emergency Assistance Fund aka hardship fund.
Talk to your ETL HR about it. You have to fill out a form, your ETL HR has to fill out another form, and they are both sent to TMSC. A group of people reviews your application, and, if you apply, they will put up to $500 into your paycheck. The HR team actually CANT deny you the form. The ETL HR -CAN- decide to NOT recommend you, for whatever reason.

By the way, this is a serious fund meant to help team members in emergency situations.

Wouldnt the tax depend if there 401k is before or after tax on each pay check?

 

[NitroKing2110]

I seem to remember that it is a grant, and doesn't have to be paid back. Is that true?

Correct. It doesn't have to be paid back. But, it is taxed. It's just added onto your W2 as taxable income and taxes are withheld from it.

 

[Amaazingdude]

Is it possible to access our funds in our 401k plan? If so, how do I go about it. I Know it's only for emergencies but I really need it right now.

Yes. You will pay a pretty huge fee.

 

[tgtguy]

Years and years ago I had to make a withdraw from my 401 k. You call and they will give you the options and what the fees., taxes etc are associated with the withdraw. I do know you can take a loan out...which I always thought was somewhat funny since I am borrowing my own money....

 

[bikebryan]

Wouldnt the tax depend if there 401k is before or after tax on each pay check?

You are correct. If you pay tax BEFORE you it goes into the 401k, then when you withdraw it you won't have to pay the tax penalty. And yes, there are some people who don't take the tax deferred option.

 

[PinkZinnia]

If you return money back to a 401k or IRA within (I think 90 days) all penalties are canceled. At least were I live.