If you don’t ever plan on coming back to the railroad, until December 30th you can get your 401k up to a certain amount with no penalty due to the CARES act as long as you claim you’re in a financial hardship, or you or your spouse has been furloughed. You’ll pay a 10% tax and can add more if you’d like. There’s no point in that money sitting there until your 59.5 and can’t roll it over unless you quit.
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Yeah they told me I don’t have to prove anything. My money actually hit my back account this morning. I hope this helped some of you all who are like me, young and done with the railroad.
Vanguard vandal, thanks for the information, they don't ask about work status only if you meet the eligibility criteria.
Not sure, it never hurts to call and ask. Just remember you’ve only got a few days left. Just call and tell them you’re in a tight spot financially due to COVID.
Does this apply if I am out on medical and am applying for occupational disability?
Correct, but I’m not going back and I’m not waiting 30 years to get my money or give up my rights either.
If you are furloughed you can only get your portion that you contributed, not the portion that NS contributed. Found this out from Vanguard and payroll in Atlanta.
Thank ya
Thanks for the heads up.