In general, you may take a Hardship Distribution from your plan. If your plan allows loans, you must use the loan feature before you request a Hardship Distribution.
In order to request a Hardship Distribution you must provide documentation of one of the following financial hardships.
- Home Purchase
- Funeral Expenses
- Expenses for the repair of damage to principal residence
Currently, all distributions from retirement plans are subject to taxes and, if you are younger than 59½, penalties.
These are only general rules, your plan will have specific rules concerning loans.
If you submit your loan request you will be charged a $75.00 Beacon Benefits, Inc. application fee.
Please do not submit your request until you are absolutely ready to take a loan.
Beacon Benefits, Inc. will process your request for either the amount requested or the maximum allowed, if less than your request.
Please remember your employer must authorize any plan distribution.
Please remember to provide documentation of your hardship when you submit your forms.