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FINANCIAL HARDSHIP DISTRIBUTION REQUEST RSA-1 DEFERRED COMPENSATION PLAN RSA-1 EMERGE 07/11 Retirement Systems of Alabama P. O. Box 302150 ? Montgomery, AL 36130-2150 334-517-7000 or 877-517-0020

How to fill out financial hardship distribution request

How to fill out a financial hardship distribution request:

1. Start by obtaining the appropriate form from your financial institution or retirement plan provider. This form is typically called a "financial hardship distribution request form." If you are unsure of where to obtain this form, contact your plan administrator for guidance.
2. Read the instructions on the form carefully to understand the eligibility criteria and any supporting documentation required. Different retirement plans may have specific guidelines for qualifying for a financial hardship distribution, so make sure you meet all the necessary requirements before proceeding.
3. Begin filling out the form by providing your personal information. This typically includes your full name, address, phone number, and Social Security number. Some forms may also ask for your email address or other identifying details.
4. Provide details about your financial situation that justifies your request for a hardship distribution. This may include information about unexpected medical expenses, educational costs, foreclosure or eviction notices, funeral expenses, or any other financial hardships you are facing. Be honest and provide as much information as possible to support your request.
5. Indicate the amount of funds you are requesting to withdraw as a hardship distribution. Most forms will have a specific section where you can state the exact dollar amount you need. It's important to note that a financial hardship distribution is typically subject to income tax and potentially early withdrawal penalties, so consider these implications before deciding on the amount.
6. Attach any required supporting documentation to your request form. This can vary depending on the specific retirement plan and its guidelines. Common documents may include medical bills, invoices, eviction or foreclosure notices, or other evidence to validate your financial hardship.
7. Double-check the completed form and make sure all sections are accurately filled out. Review the provided information for any errors or missing details before submitting it. Submitting an incomplete or inaccurate form may delay the review and approval process.

Who needs a financial hardship distribution request?

1. Employees or individuals who are facing significant financial difficulties and require immediate access to funds from their retirement account may need to submit a financial hardship distribution request. This option is typically available for individuals who have exhausted other sources of financial support, such as savings, emergency funds, or other avenues.
2. It is essential to understand that the availability of hardship distributions may vary depending on your retirement plan. Some plans may not offer this option at all, while others may have specific criteria that must be met. Consult your plan administrator or the official plan documents to determine if a financial hardship distribution is available to you and if you qualify based on their guidelines.
3. Financial hardship distribution requests are often considered a last resort due to the potential tax implications and impact on long-term retirement savings. Before pursuing this option, individuals should thoroughly explore alternative solutions, such as budgeting, seeking financial counseling, or exploring other forms of assistance that may be available, to ensure they have exhausted all possible resources.

For pdfFiller’s FAQs

What is financial hardship distribution request?

A financial hardship distribution request is a formal application to withdraw funds from a retirement account before the specified age in cases of financial hardship.

Who is required to file financial hardship distribution request?

Individuals facing financial difficulties and in need of immediate access to retirement funds are required to file a financial hardship distribution request.

How to fill out financial hardship distribution request?

To fill out a financial hardship distribution request, individuals need to provide personal information, details of the financial hardship, and supporting documentation.

What is the purpose of financial hardship distribution request?

The purpose of a financial hardship distribution request is to provide individuals with access to retirement funds in times of financial crisis or emergency.

What information must be reported on financial hardship distribution request?

Information such as personal details, explanation of financial hardship, amount requested, and supporting documentation must be reported on a financial hardship distribution request.

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