Do you know if 401K can be accessed during this time?
How about loans out of 401K.
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You should call fidelity and get facts
Yes if your still employed you can take a loan out of your 401k and no your are not penalized for the 10% as another person stated unless you fail to pay it back or are terminated and do not pay it back immediately as then it’s considered a distribution. One thing to keep in mind though is that you are paying it back with after tax funds... so your paying it back with taxed money and then being taxed again when you withdraw at retirement time so your losing the tax advantages associated with 401k’s.
I work for HAL in Houston and took a loan out Wednesday. All good.
Obviously NorthBelt has been clueless to down turns in past.
If you dip into 401k - you face a 10% early withdrawal penalty and since is is typically pre-tax/untaxed income - look for an additional 35% tax hit as it will be viewed as earned income.
You can take loans out of 401k. You can fully access 401k only after employment terminated.
Yes, for every month you are furloughed, you will get half of what you got before being furloughed.
Are we getting contributions while on furlough?