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Our UPS/Teamster 401(k)
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<blockquote data-quote="705red" data-source="post: 705409" data-attributes="member: 5229"><p>I just spent some time trying to borrow against my 401k savings. This plan has a hardship clause which you must meet in order to qualfy. Being broke is not one of them, having a wife and kids is not one of them, being cut off of workers comp is not one of them. You must be in fore closure with a ruined credit history and on the verge of losing your house. Doesnt seem right that you cannot borrow your own money.</p><p> </p><p>So I will just cash in my CDs and pay a penalty, but rest assured I will make that penalty money up 10 fold when I get back to work.</p></blockquote><p></p>
[QUOTE="705red, post: 705409, member: 5229"] I just spent some time trying to borrow against my 401k savings. This plan has a hardship clause which you must meet in order to qualfy. Being broke is not one of them, having a wife and kids is not one of them, being cut off of workers comp is not one of them. You must be in fore closure with a ruined credit history and on the verge of losing your house. Doesnt seem right that you cannot borrow your own money. So I will just cash in my CDs and pay a penalty, but rest assured I will make that penalty money up 10 fold when I get back to work. [/QUOTE]
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