This section contains information on how to process participant hardship withdrawal requests. As Plan Administrator, you will need to determine if the withdrawal is allowed under the plan. You can do this by checking your plan adoption agreement.

This section provides a detailed description of your role, as well as that of the plan participant and the Program.

Highlights

In the chart below, you will find the steps to process a hardship withdrawal.

Steps for Requesting a Hardship WithdrawalPlan Participant’s RolePlan Administrator’s RoleThe Program’s Role
1. Determine if a hardship withdrawal is allowed from your plan by checking the plan’s adoption agreement; send Hardship Withdrawal Form along with the notice of taxable distribution to participant  
2. Decide to request a hardship withdrawal and the type of withdrawal (i.e., 401(k), non-401(k))  
3. Complete, sign and send Hardship Withdrawal Form to the Plan Administrator  
4. Review, sign and send Hardship Withdrawal Form to the Program  
5. Process Hardship Withdrawal Form  
6. Send check to participant  
7. Send IRS Form 1099-R to participant and IRS  

Any transactions processed by the close of business on the last business day of the quarter will be reflected on the participant’s quarterly statement. Quarterly statements are mailed within 10 business days after the end of each quarter.