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Hardship Distributions Information

Hardship Distribution Overview


To request a Hardship Distribution from a 403(b) plan administered by CCC, you must read and complete a CCC Hardship Distribution Request Form and Information Supplement.

Hardship Distributions are only allowed under very specific circumstances per IRS rules, these include:

  • Certain medical expenses considered deductible per IRS Publication 502

  • Costs relating to the purchase of a principal residence

  • Tuition and related educational fees and expenses

  • Payments necessary to prevent eviction from, or foreclosure on, your principal residence

  • Burial or funeral expenses

  • Expenses for certain damages to your principal residence resulting from a deductible casualty loss as described in IRS Publication 547

The documentation of the hardship expenses must be consistent with the acceptable hardship circumstances listed above and should meet the documentation described in the CCC Hardship Distribution Request Form and Information Supplement. Please note that CCC can only approve Hardship Distribution Requests in the amount consistent the documented expenses that conform to the guidelines on our form.

There additional rules and restrictions that apply to Hardship Distributions:

  • Hardships Distributions are subject to availability under your employer's 403(b) Plan and under the investment contract.

  • Hardship Distributions are only available from the participant's elective deferrals.

  • Hardship Distributions are taxable distributions and may be subject to an early withdrawal penalty.

  • If any other form of distribution is available to the participant under any retirement plans maintained by the employer (for example, if a participant is eligible for a distribution due to attainment of Age 59.5 or Severance from Employment), the participant cannot take a Hardship Distribution unless all available distributions are exhausted.

Please review the CCC Hardship Distribution Request Form and Information Supplement for additional details and restrictions.

 

 

Page Last Modified: 1/1/2019 11:44:07 AM