Unforeseeable Emergency – 457(b) Plan

If you or your beneficiary is faced with an unforeseeable emergency, you may qualify for a distribution without tax penalty. Although similar to the hardship withdrawal rules for a 403(b) Plan, fewer specified situations qualify for an Unforeseeable Emergency Distribution under the 457(b) Plan.

Qualifications

The expense must be from:

• Illness or accident (may include you or your spouse, dependent, or beneficiary)
• Loss of property due to casualty
• Similar extraordinary and unforeseeable circumstances arising as a result of events beyond your control

Not relieved by:

• Stopping contributions
• Reimbursement by insurance
• Reasonable liquidation of assets
• Borrowing from commercial resources