I understand that Fidelity is the parent co. over Hartford Life. However, Hartford Life will not allow me to take $$$ out unless I do the Hardship Withdrawal. Well, my work controls that because the paperwork has to be approved by my Plan Admin. the CEO! Really trying to to embarrass myself here with my job, you know. My IRA i have with Fidelity will allow me to take my own money out, at least a certain percentage. Do you know if theres anyway I can do this thu Fidelity to access my Hartford Life money?
2006-11-02 02:02:47 · 2 answers · asked by ? 2 in Business & Finance ➔ Personal Finance
Most if not all 401K plans prohibit in service withdrawals. However, most plans also allow a participant to borrow from their account. The limit is usually a minimum of $1,000 and the maximum is 50% of your vested balance to a maximum of $50,000. In generall you have 5 years to pay the loan back which is usually done through payroll withholding. The interest you pay is credited to your account not to everyone in the plan.
The hardship withdrawal isthe least favorable way to go. There are specific hardships that can be used, if you fit into one getting approval should not be a problem. It can be embarassing to ask but everyone gets into a situation at some time. Good Luck!
2006-11-02 02:16:53 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
Hartford Life 401k
2016-12-14 19:31:54 · answer #2 · answered by ? 4 · 0⤊ 0⤋