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CalPERS Supplemental Income 457 Plan UNFORESEEN EMERGENCY WITHDRAWAL APPLICATION INSTRUCTIONS 1 Review Hardship Requirements to determine if you are ELIGIBLE to take a Unforeseen Emergency Withdrawal.

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If you receive your refund before age 59 ½ years, you may have to pay an additional 10% federal income tax and an additional 2.5% state income tax for early distribution.

The consequences of false hardship withdrawal include potential charges being brought against someone who uses the money improperly.

If you're caught lying about legibility for a hardship withdrawal, you may face additional fees, fines, and even imprisonment. 401(k) plans are employee-sponsored plans, and lying about your financial situation in a legal declaration may result in a loss of trust from your employer.

How Do You Prove Hardship for a 401(k) Withdrawal? You do not have to prove hardship to take a withdrawal from your 401(k). That is, you are not required to provide your employer with documentation attesting to your hardship.

An unforeseeable emergency is defined as 1) a severe financial unforeseeable emergency to the participant or a dependent resulting from a sudden and unexpected illness or accident (see “Definition of Dependent”); 2) a loss of the Participant's property because of a casualty; or 3) other similar extraordinary and ...

You may have to pay a 10% penalty if you use the money for the purchase of a new home, education expenses, prevention of foreclosure, or burial expenses. Regardless of whether you pay a penalty, you'll still have to pay income taxes on the amount withdrawn.

So if they need the money for other hardship reasons (such as a principal residence, tuition or funeral expenses), account owners will still end up paying the 10 percent penalty tax.

Can I Cash Out My CalPERS Pension? While you may have the ability to access some of your investments, such as a 401(k), this isn't possible for the funds in your CalPERS pension account. There is only one instance where you can access your CalPERS pension contributions — when you leave CalPERS employment.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232