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How can I tell from bright scope report if I can do a non-hardship in service withdrawal ?

Feb 07, 2012 by Kevin from Waconia, MN in  |  Flag
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3 votes
Rich Winer Level 20

Kevin, To avoid making a potentially costly and irreversible mistake, contact the HR person at your company and the retirement plan custodian. They should be able to tell you what you can and can't do. Not all plans allow in-service withdrawals. In light of the potential consequences of running afoul of the IRS, I would not rely on BrightScope for the answer to you question. Go to the source... your HR department of plan custodian.

Comment   |  Flag   |  Apr 12, 2013 from Woodland Hills, CA

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Kevin, this information is best obtained from your plan document, or your HR department. In general, if you are over age 59 1/2, you should be able to access your 401k plan balance through an in-service distribution, presumably to roll into an IRA. Some plans will restrict access to money that was rolled into the 401k from a previous rollover IRA or 401k. Again, the best way to determine your plan's provisions is to check the plan document and talk to your HR representative.

Comment   |  Flag   |  Feb 07, 2012 from Arvada, CO

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