Distributions
Withdrawal options available while you are still employed:
- Age 59 1/2 Withdrawals
- Financial Hardship Withdrawals
You must exhaust your 401(k) loan and/or 457 loan options (if applicable) before you can apply for a financial hardship withdrawal.
401(k) Financial Hardship Withdrawals can be taken for any of the following reasons:
- pay for non-reimbursed medical expenses;
- purchase of your primary residence;
- prevent eviction from or foreclosure on your primary residence;
- qualified post-secondary education expenses;
- funeral expenses for family member; and
- principal residence repair.
457 Unforeseeable Emergency Withdrawals can be taken for any of the following reasons:
- illness or accident;
- loss of property due to casualty;
- prevent eviction from or foreclosure on your primary residence;
- pay for non-reimbursed medical expenses; and
- funeral expenses for family member.
Note: Distributions are subject to federal income taxes.
Forms for these withdrawals are located on the Texa$aver website.
