Hardship Distributions Information
Hardship Distribution Overview
To request a Hardship Distribution from a 403(b) plan administered by CCC, you must complete a CCC Hardship Distribution Request Form and Information Supplement. Please read the entire CCC Hardship Distribution Request Form and Information Supplement in its entirety. The CCC Hardship Distribution Request Form must be completed and submitted to CCC along with your completed vendor Hardship Form, copies of the documented hardship expenses, your most recent account statement and other supporting documentation as required for review and, if appropriate, provide plan administrative approval.
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 with the documentation of expenses provided.
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, hardships are not available from employer contributions to the 403(b) account.
- Participants who are eligible for loans from their account must take a loan rather than a hardship unless doing so is counterproductive.
- 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.
You may submit your Hardship Distribution Request to CCC using one of the following methods:
- You may securely upload the documents to CCC by clicking here,
- You may fax the document to CCC at 503-968-7802, or
- You may mail the document to CCC at the following address:
Carruth Compliance Consulting
11515 SW Durham Rd. Suite E10
Tigard, OR 97224
Once CCC receives your completed CCC Hardship Distribution Request Form and the supporting documentation required, we will review the documents, if appropriate, CCC will provide plan administrator's authorization for the transaction.