Can I borrow from my retirement account?
Not all plans allow for loans. It depends on the provisions allowed in your company's retirement plan. You may request a copy of the Summary Plan Description (SPD) from your employer for specific provisions of your plan. If your employer is not available, you may contact our Plan Services group for assistance at QPServices@uwbank.com or 800.955.3434, option 3.
What happens to my loan when I terminate my employment?
Arrangements can be made to pay the outstanding loan balance when you terminate employment. If arrangements are not made, then your loan could be considered to be in default. The provisions of the plan will outline the circumstances under which defaults occur. If your loan defaults, the outstanding balance would be treated as a taxable distribution.
Can I take a "hardship withdrawal"?
Depending upon the plan provisions, you may be eligible for a "hardship withdrawal" under certain circumstances.
- Medical expenses
- Purchase of principal residence
- Payment of tuition, related educational fees, and room and board expenses
- To prevent eviction from or foreclosure on your home
For more information or to obtain the necessary forms, contact Plans Services at QPServices@uwbank.com or call 800.955.3434, option 3.
Can I write a check to add more money to my 401(k) plan?
No. The only way to contribute to your 401(k) plan is by automatic payroll deduction (deferrals). Most plans have specific times when deferral amounts can be changed. If you would like to increase/decrease the amount you are deferring, contact your payroll department for the necessary paperwork.
How soon after I terminate my employment can I receive my distribution?
This depends on your company's plan. Please contact your plan administrator or one of our Qualified Plans Services Representatives for the specifics.