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tuerlings
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tuerlings asked 11 months ago in 401k Plans

early 401k withdrawal

Is President Obama's plan to temporarily suspend the 10% penalty for early 401k withdrawals going to go into effect?

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Michael Kitces
FiLife Contributor

Michael Kitces responded 11 months ago

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Tuerlings,
As of now, no legislation of this nature has been enacted.

As a part of the Worker, Retiree, and Employer Recovery Act of 2008 that President Bush signed into law, the required minimum distributions rules have been waived for 2009.

However, there have been no changes to the early withdrawal penalty at this time. Whether such changes will ultimately come about remains to be seen, although certainly a number of potential changes are being explored as a part of the Obama administration's stimulus package.

I hope that helps a little!

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