Drivers Hardship Withdrawal
Description
How to fill out Driving Hardship Licenses Handbook - Driver's Hardship?
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FAQ
Documentation of the hardship application or request including your review and/or approval of the request. Financial information or documentation that substantiates the employee's immediate and heavy financial need. This may include insurance bills, escrow paperwork, funeral expenses, bank statements, etc.
To qualify for a hardship distribution, a 401(k) participant must meet two criteria. First, they must have an ?immediate and heavy financial need.? Second, the distribution must be limited to the amount ?necessary to satisfy? the financial need.
Your hardship letter should include the following essential steps: Write an introduction. ... Detail your hardship. ... Highlight how you're being proactive about your financial situation. ... State your request. ... Provide assurance of financial recovery. ... Submit supporting documentation.
Permitted Uses for Hardship Withdrawals Health care expenses for you, your spouse or a dependent. Purchase of a principal residence. Tuition and room and board for yourself, your spouse or a dependent. Payments to prevent eviction. Funeral expenses for your spouse or a dependent. Repairs to your principal residence.
Once Guideline receives your hardship withdrawal application, it can take up to 7 business days for us to review your request. You'll receive an email notification to let you know if you're approved.