Financial Services Industry
Industry: Email Alert RSS FeedAt the Bell; Hurricane victims can tap 401(k)s.(Late News)
Investment News, September, 2005
Victims of Hurricane Katrina will be able to make loans and hardship distributions from their 401(k) and similar types of retirement plans. The Department of the Treasury and the Internal Revenue Service made that announcement last Thursday, granting relief from regulations that normally apply stiff penalties to early withdrawals from such plans.
In addition, legislation passed Thursday by the House and Senate also allows for such early withdrawals. A bill introduced Thursday by Senate Finance Committee Chairman Charles Grassley, R-Iowa, and the ranking minority member, Sen. Max Baucus, D-Mont., would help people with private health insurance to pay the premiums. FPA still dead set against Merrill rule The Financial Planning Association of...
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