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UNFORESEEABLE EMERGENCY WITHDRAWAL FORM - Valic

UNFORESEEABLE EMERGENCY WITHDRAWAL FORM - Valic 2025

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The document is an Unforeseeable Emergency Withdrawal Form for VALIC Annuity Accounts, specifically for 457 Deferred Compensation and LOSAP plans in New Jersey. It outlines the process for clients to request a distribution due to severe financial hardship, detailing required client information, distribution requests, reasons for withdrawal, tax withholding instructions, delivery methods, and necessary approvals from both the plan administrator and the client. The form emphasizes that distributions may be subject to taxes and penalties and provides guidance on how to complete the form correctly.

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What qualifies as an unforeseeable emergency?

A hardship withdrawal is a distribution from an employees 403(b) retirement account made because of an immediate and heavy financial need. The distribution is limited to the amount necessary to satisfy that financial need and any applicable taxes and penalties.

What is an unforeseeable emergency as defined by the IRS?

Examples of events that may be considered unforeseeable emergencies include imminent foreclosure on, or eviction from, the employees home, medical expenses, and funeral expenses. Generally, the purchase of a home and the payment of college tuition are not unforeseeable emergencies. (Reg. Section 1.457-6(c)(2)(i))

What are examples of unforeseen emergencies?

Natural disasters (for example, hurricanes, wildfires, or other severe weather); National emergencies (for example, public health emergencies); Conflicts abroad; or.

Can I withdraw from my 403b for emergency?

Withdrawals from 457(b) deferred compensation plans are restricted by the Internal Revenue Service (IRS). A withdrawal while you are employed is allowed only for an unforeseeable emergency that causes a severe financial hardship.

Can I withdraw from my 457b in an unforeseeable emergency?

So, what qualifies as an immediate and heavy financial need? The IRS lists the following examples: Medical bills for you, your spouse, dependents, or beneficiary. Costs directly related to the purchase of your principal residence. Mortgage payments dont count.

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What is considered an emergency hardship?

Eligible Hardships: Severe illness or injury of immediate family member. Death of employees immediate family member. Major loss/damage to primary residence due to disaster such as fire, flood, hurricane.

What is an example of an unforeseeable emergency?

General examples of an unforeseeable emergency may include: Medical expenses not covered by insurance. Foreclosure or eviction from your home. Funeral expenses for a spouse or dependent. Other similar extraordinary and unforeseeable events that are beyond the control of you or your beneficiaries.

UNFORESEEABLE EMERGENCY WITHDRAWAL FORM - Valic 2025

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What qualifies as an unforeseeable emergency?

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Can I withdraw from my 403b for emergency?

Can I withdraw from my 457b in an unforeseeable emergency?

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What is considered an emergency hardship?

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