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Our plan offers participant loans and hardship distributions. Must a participant elect to take a loan prior to requesting a hardship distribution?

April 26, 2017distributions hardship loan Loans offers participant Plan prior requesting

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Our plan offers participant loans and hardship distributions. Must a participant elect to take a loan prior to requesting a hardship distribution?

1 Answer

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A participant should exercise the plan loan feature prior to requesting a hardship distribution. They must exhaust all financial avenues prior to requesting a hardship distribution. We recommend reviewing your plan document and obtaining the required documentation when a hardship distribution is requested.