Page 17 - Future Steps
P. 17
2017 Beneits Enrollment
Hardship Distribution If you qualify for hardship distribution based on need and reason, you can receive a distribution of your
salary deferral and rollover contribution account; a hardship distribution as defined by the IRS, can include
the following
X Purchasing your primary residence
X Payment of tuition, related educational fees, and room and board expenses for the next 12 months if
post-secondary education is for the participant, spouse, children, or dependents
X Payment of medical expenses incurred by the participant, spouse or dependents
X Preventing eviction from your primary residence or foreclosure on the mortgage of such residence
X Payment of funeral or burial expenses for your immediate family
X Payment of certain repairs of damage to your principal residence as provided in the IRS code
Hardship distributions are subject to income tax and a tax penalty of 10% (if received prior to age 59½);
you may not make 401(k) contributions to the plan for a period of six months after the receipt of the
hardship distribution
Rollovers If you hold other retirement accounts, you are able to transfer the funds into your account; the process
called a “rollover”; account types eligible for rollovers include 401(k) plans, most 403(b) and 457 plans,
and under certain circumstances, IRAs; please consult with a financial advisor who can assist you in
making the right decision for you situation
Portability The ability to roll over your account also applies when you stop working at you current company prior
to retirement age; your vested balance is portable, which means you can transfer it to another eligible
retirement plan, such as a 401(k) plans, most 403(b) plans, and certain types of IRAs
Account Access and Reporting Participants may access their account information by:
X Visiting the participant website at ascensus.com or
X Calling 800.346.3860
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Hardship Distribution If you qualify for hardship distribution based on need and reason, you can receive a distribution of your
salary deferral and rollover contribution account; a hardship distribution as defined by the IRS, can include
the following
X Purchasing your primary residence
X Payment of tuition, related educational fees, and room and board expenses for the next 12 months if
post-secondary education is for the participant, spouse, children, or dependents
X Payment of medical expenses incurred by the participant, spouse or dependents
X Preventing eviction from your primary residence or foreclosure on the mortgage of such residence
X Payment of funeral or burial expenses for your immediate family
X Payment of certain repairs of damage to your principal residence as provided in the IRS code
Hardship distributions are subject to income tax and a tax penalty of 10% (if received prior to age 59½);
you may not make 401(k) contributions to the plan for a period of six months after the receipt of the
hardship distribution
Rollovers If you hold other retirement accounts, you are able to transfer the funds into your account; the process
called a “rollover”; account types eligible for rollovers include 401(k) plans, most 403(b) and 457 plans,
and under certain circumstances, IRAs; please consult with a financial advisor who can assist you in
making the right decision for you situation
Portability The ability to roll over your account also applies when you stop working at you current company prior
to retirement age; your vested balance is portable, which means you can transfer it to another eligible
retirement plan, such as a 401(k) plans, most 403(b) plans, and certain types of IRAs
Account Access and Reporting Participants may access their account information by:
X Visiting the participant website at ascensus.com or
X Calling 800.346.3860
17
