5 Steps To Complete Empower Retirement Hardship Form

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Empower Retirement, formerly known as Great-West Retirement Services, is a leading provider of retirement plans in the United States. One of the services they offer is the ability to withdraw funds from a retirement account in cases of financial hardship. To initiate this process, individuals must complete the Empower Retirement Hardship Form. In this article, we will guide you through the 5 steps to complete this form successfully.

Understanding the Empower Retirement Hardship Form

The Empower Retirement Hardship Form is a document that allows plan participants to request a hardship withdrawal from their retirement account. This form is typically used in cases of severe financial hardship, such as unforeseen medical expenses, eviction, or funeral expenses. Before starting the process, it's essential to understand the eligibility criteria and the potential consequences of a hardship withdrawal.

Eligibility Criteria

To be eligible for a hardship withdrawal, you must meet one of the following conditions:

• You are experiencing severe financial hardship due to unforeseen medical expenses, eviction, or funeral expenses.
• You are facing imminent foreclosure or eviction.
• You need funds to pay for post-secondary education expenses.
• You are facing other extreme financial hardship.

Step 1: Gather Required Documents

Before completing the Empower Retirement Hardship Form, you'll need to gather the required documents to support your hardship claim. These documents may include:

• Proof of income
• Proof of expenses (e.g., medical bills, eviction notices)
• Proof of education expenses (e.g., tuition bills)
• Other documentation to support your hardship claim

Step 2: Complete the Empower Retirement Hardship Form

The Empower Retirement Hardship Form typically consists of several sections that require you to provide personal and financial information. You'll need to:

• Provide your personal details, including name, address, and Social Security number.
• Describe the reason for your hardship withdrawal.
• Provide documentation to support your hardship claim.
• Specify the amount you are requesting to withdraw.

Tips for Completing the Form

• Make sure to read the instructions carefully before starting the form.
• Complete the form accurately and thoroughly.
• Attach all required documentation to support your hardship claim.

Step 3: Submit the Form

Once you've completed the Empower Retirement Hardship Form, you'll need to submit it to Empower Retirement for review. You can submit the form:

• Online through the Empower Retirement website.
• By mail to the address specified on the form.
• By fax to the number specified on the form.

Step 4: Review and Approval

After submitting the Empower Retirement Hardship Form, Empower Retirement will review your application to determine whether you meet the eligibility criteria for a hardship withdrawal. If your application is approved, you'll receive a notification with instructions on how to proceed with the withdrawal.

What to Expect During the Review Process

• Empower Retirement will review your application to ensure you meet the eligibility criteria.
• You may be required to provide additional documentation to support your hardship claim.
• The review process may take several days or weeks, depending on the complexity of your application.

Step 5: Receive Your Hardship Withdrawal

If your application is approved, you'll receive your hardship withdrawal funds according to the instructions provided by Empower Retirement. Keep in mind that hardship withdrawals are subject to income tax and may be subject to a 10% penalty if you are under age 59 1/2.

Next Steps

• Use the funds to address your financial hardship.
• Consider consulting with a financial advisor to develop a plan to recover from your financial hardship.
• Keep records of your hardship withdrawal, as you may need to report it on your tax return.

By following these 5 steps, you can complete the Empower Retirement Hardship Form successfully and receive the funds you need to address your financial hardship. Remember to carefully review the eligibility criteria and potential consequences of a hardship withdrawal before starting the process.