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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 post secondary 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

Hardship Distributions are subject to availability only under the very specific circumstances above and the participant must keep supporting documentation on file for the costs and reason for this Hardship Distribution.

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 and earnings on the 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: 1/29/2024 12:56:13 PM