AUL RETIREMENT SERVICES
Your future. Our goal.
Hardship Withdrawal Guidelines A financial Hardship Withdrawal may be granted for one of the following reasons. Check below if your need meets any of the criteria below: Costs directly related to the purchase of a principal residence (excluding mortgage payments). Submit: a copy of the executed purchase and sale agreement or builder’s contract for your principal residence. Payment of college tuition and/or related educational expenses and room and board (not including text books) for up to the next 12 months for you, your spouse, children, or dependents (as defined by Internal Revenue Code § 152). Submit: 1) bill for tuition and/or related educational expenses and room and board (not including text books); or 2) a letter from a college official stating what will be owed for these items exclusive of financial aid for the next year or part thereof. If tuition and/or related expenses are for your spouse, child, or dependant, you must also submit: 1) a college record of spousal, child, or dependency relationship; or 2) an official document (such as a marriage certificate, birth certificate, separation agreement, or tax return) evidencing spousal, child, or dependency relationship. Expenses for (or necessary to obtain) medical care that would be deductible on your Federal Income Tax Return (determined without regard to whether the expenses exceed 7.5% of adjusted gross income). Submit: 1) medical or hospital bill (if after services are rendered); or 2) letter from doctor and/or hospital indicating proposed medical treatment and cost (if prior to services being rendered). If such medical expenses are for your spouse, child, or dependant, you must also submit an official document (such as a marriage certificate, birth certificate, separation agreement, or tax return) evidencing spousal, child, or dependency relationship. Payments necessary to prevent eviction from your principal residence or foreclosure on the mortgage on that residence. Submit: a copy of the eviction or foreclosure notice (the letter should not threaten eviction or foreclosure – the eviction or foreclosure must be imminent). Payment for burial or funeral expenses for your deceased parent, spouse, child or dependent (as defined by Internal Revenue Code § 152). Submit: a copy of the invoice for burial expenses. Expenses for repair of damage to your princpial residence that would qualify for the casualty deduction on your Federal Income Tax Return (determined without regard to whether the loss exceeds 10% of adjusted gross income). Submit: the official insurance estimate or claim indicating such expenses. Supporting documentation (after the word Submit) for the scenario that describes your hardship need is required to accompany the In-Service Distribution Request form. Your signature on this request form expressly acknowledges and agrees that you cannot reasonably satisfy this need from “other resources,” which include, but are not necessarily limited to:
Reimbursement or compensation by insurance or otherwise.
Liquidation of or reliance upon assets owned by me, my spouse, or my minor children that does not create a financial hardship.
Cessation of elective contributions or employee contributions under this plan.
Loans from commercial lenders on reasonable commercial terms in an amount necessary to satisfy the need.
Distributions or loans from both this plan and any other employee-sponsored plan in which I participate.
Please be advised, the amount disbursed may not exceed the amount required to meet the immediate and heavy financial need.
AUL RETIREMENT SERVICES
Your future. Our goal.
A withdrawal is a taxable event and may be subject to a mandatory 10% Federal Income tax withholding.
There may be a government-imposed 10% penalty tax for early withdrawal.
The amount I request may not be repaid to the plan.
The amount I request may not include any employer contributions used to satisfy the IRS’ special 401(k) nondiscrimination test.
The amount I request may not include any investment earnings on my post-1988 compensation deferrals.
I will be prohibited from making pre-tax contributions to this plan or any plan maintained by my employer for a period of at least six months.