Hardship Withdrawal

If you are an active employee who is experiencing financial hardship, you may qualify to request a hardship withdrawal from your retirement plan if your employer's retirement plan allows and you have a qualifying event. The conditions for qualifying for a hardship withdrawal are specific to the following:

• Purchase of primary residence
• Prevention of eviction or foreclosure on primary residence
• Medical expenses for you, spouse or dependent
• Upcoming college education within the next 12 months for you, spouse or dependent
• Funeral or burial expenses for spouse, dependent or parent
• Expenses for the repair of damage to your primary residence that would qualify for the casualty deduction under the Internal Revenue Code
• To pay expenses resulting from a FEMA designated disaster zone

To obtain an application for hardship withdrawal go to www.greenleaftrust.com and log in to your retirement account. You will find the application under the Statements I Notices & Forms > Forms menu. Choose "Hardship Requests" from the form group and then "Application for Hardship Withdrawal" as the form type.

Click on the link to our online Distribution Guide for further information and step by step instructions on form completion: Distribution Guide

Please keep in mind, when submitting a request for hardship withdrawal, you cannot withdraw more than the documented need and may not be able to withdraw from sources of money in your account contributed by your employer. The withdrawal is subject to taxes as well as an early withdrawal penalty if you are under the age of 59 1/2.

The completed application along with your supporting documentation can be submitted directly to your HR team or to Greenleaf Trust via the email address, fax number or standard mailing address provided on the application.

*If you received this article via an email reply recommendation and it did not assist you with solving your inquiry, please go back to your email and click the "No" button below the question, "Does this article answer your question?". Upon clicking "No" in the email body, your email will be forwarded to our Participant Services Team for assistance.

If you need assistance, please contact us for help: 

Participant Services Team

Call or Text: [phone]

Email: [e-mail]

Live Chat: www.greenleaftrust.com