Victims of the flooding in Louisiana will be allowed to take loans and receive hardship distributions from 401(k) and similar retirement plans, under new guidance from the Internal Revenue Service and the U.S.Department of Labor.
Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees with 457(b) deferred-compensation plans, may be eligible to access the money in those plans under streamlined loan procedures and liberalized hardship distribution rules.
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