Deferred Compensation Plan Withdrawal In Wake
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FAQ
An unforeseeable emergency is defined by federal law as a severe financial hardship experienced by you, your spouse or any of your plan beneficiaries.
The main difference between hardship distributions and terminating distributions is the fact that hardship distributions can be taken by participants while currently employed, whereas terminating distributions are made only to former employees.
You are eligible to withdraw funds from your 457(b) plan when you separate service from your employer (for any reason) or for an approved unforeseeable emergency. After separation from service, you may also rollover your account into an IRA or an existing qualified retirement plan.
A hardship distribution is a withdrawal from a participant's elective deferral account made because of an immediate and heavy financial need, and limited to the amount necessary to satisfy that financial need.
A deferred revenue journal entry is a financial transaction to record income received for a product or service that has yet to be delivered. Deferred revenue, also known as unearned revenue or unearned income, happens when a customer prepays a company for something.
