As a result of the catastrophic damage resulting from Hurricane Harvey, the IRS has announced that employer-sponsored retirement plans can make loans and hardship distributions to the victims of Hurricane Harvey. With this information, National Life Group is making every effort to help those affected by the hurricane by streamlining the process for our policyholders to access their retirement funds to provide some measure of financial relief in this time of extreme stress.
Retirement plans are able to make funds available to those affected, as well as their families who live or work in the disaster area localities, and are designated for assistance by the Federal Emergency Management Agency (FEMA). Additional details on emergency resources available can be found by following this FEMA link.
This IRS-designated broad-based relief means that a retirement plan can allow a victim of Hurricane Harvey to take a hardship distribution (withdraw) or borrow (up to the specified statutory limits) from the victim’s retirement plan.
Should you require assistance or have questions about getting access to your retirement funds, please use the following resources at National Life Group who stand ready to assist you.
Policyholders call 800-732-8939 (Contact Center)
Agents call 800-906-3310 (Sales Desk)
Plan Sponsors and TPAs call 866-243-7174 (Retirement Services)
Please also refer to this helpful article Hurricane Harvey: Hardship Distributions & Loans for more information on tax consequences, to access forms necessary to initiate either of these actions, and for important considerations with regard to choosing a loan versus hardship distribution.
We are with you in this time of need.
National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT, Life Insurance Company of the Southwest, Addison, TX and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York.
The companies of National Life Group® and their representatives do not offer tax or legal advice. For advice concerning your own situation, please consult with your appropriate professional advisor.