Wondering has anyone seen this as I nor my CC knows what this means. My CC suggested I call my 401k provider and read the following statement to them, but they are just as confused as I am because there are no terms with a withdrawal. I sent paperwork to BOA stating the funds were a withdrawal, but I feel they are treating this as a repayment plan by asking for terms.
Conditions : Copy of the terms of the hardship withdrawal from the employer or the institution which manages the plan. Documentation must clearly state the terms for withdrawal from the employer and may not be general terms for all of the funds managed.
Side note: @TTrumble, I sent you an e-mail and CC’d my CC. Maybe you seen this and know how to satisfy the condition.
Wow, I never knew they would ask for that. Let me look for my application now. I wonder if this is only if you are using the 401k funds as a part of your MRF. I am not using my 401k funds for my MRF but I did request a withdrawal of the funds.
I provided that to the bank, but what they wanted to see is the actual guidelines for pulling out the money. As Tim explained to me the “rules”. Our initial thought was to send them the handbook which explains the rules, but Tim said that I needed to send the actual application. The bank cleared the condition once I sent them the application.