IRS loosens retirement fund withdrawal rules in wake of Harvey
Under the IRS relief, a retirement plan can allow a victim of Hurricane Harvey to borrow or take a hardship distribution.
By Marlene Y. Satter|August 31, 2017 at 08:05 AM
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If there’s no other place to turn to for money to get through the aftermath of Hurricane Harvey, those who have retirement accounts but aren’t yet retirement age will be able to draw on what funds they have—although, of course, that will come with its own cost.
The IRS is cutting hurricane victims some slack, reports Accounting Today, by allowing 401(k)s and other employer-sponsored retirement plans to give loans and hardship distributions to aid them without incurring penalties.
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