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Assistance for State Employees Impacted by Wildfires

Many state workers and their families have been adversely affected by the California wildfires. Savings Plus wants you to know there are certain provisions that may be available to you and your family during this time of need. These provisions include:

Loans:

401(k) and 457(b) — You may qualify to take a loan on your account

In-Service Withdrawals:

401(k) — You may qualify to take a withdrawal if you are over 59 ½

401(k) — You may qualify for an early withdrawal from your Plan account due to financial hardship including expenses for the repair of damage to your principal residence that would qualify as a casualty deduction from your federal income taxes Section 165 of the Internal Revenue Code

457(b) — You may qualify to take a withdrawal if you are over 59 ½

457(b) — You may qualify for an Unforeseeable Emergency Withdrawal. An unforeseeable emergency is defined by the IRS as a severe financial hardship to you, your spouse or dependent resulting from:

  • A sudden or unexpected illness
  • An accident you or your dependent experienced
  • Loss of property because of casualty; or
  • Other similar extraordinary and unforeseen circumstances arising as a result of events beyond your control
NRW-7236CA-CA
NRW-7236CA-CA
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NRW-2913AO.1
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