Hardship Provisions

457(b)Plan. The 457(b)Plan allows hardship distributions for unforeseeable emergencies causing financial hardships. To qualify for a hardship distribution, you must provide financial records that document your hardship. Normally budgetable expenditures, such as the purchase of an automobile, do not qualify as financial hardships. An IRS penalty doesn't apply to hardship distributions in the 457(b)plan.

403(b) and 401(k) Plan. The 403(b) Plan and the 401(k) Plans allow hardship distributions for emergencies causing financial hardships. To qualify for a hardship distribution in these plans, you must provide financial records that document your hardship. In these plans, a financial hardship can include a financial need arising from the use of funds to buy a home. A financial hardship also can be the financial need to provide for the post-secondary education of the participant or member of his/her immediate family. An IRS 10% penalty may apply to hardship distributions in the 403(b) and 401(k) Plans.

401(a) Match Plan. Hardship distributions are not permitted from the 401(a) Match Plan.

Loan Provisions

457(b)Plan, 403(b) Plan and 401(k) Plan. You may borrow up to 50% of your account, but never more than $50,000. Your principal and interest payments are returned to your account. With one exception, the maximum repayment period is five years. When the loan is used to purchase a primary residence, the maximum repayment period is 15 years.

401(a) Match Plan. The 401(a) Match Plan doesn't offer a loan provision.