December 8, 2021: Retained Servicing 401k Hardship Withdrawal Requests

A new procedure has been published in KnowledgeOwl for Retained Servicing regarding 401K Hardship Withdrawal Requests.


Key points include:

  • Overview of this request type
  • Contact Center Procedure for requesting a letter providing proof of debt to customers


The content of this procedure is shown below and can also be located in KnowledgeOwl for Retained Servicing by navigating to:  

Home >> Requests for Documentation >> 401K Hardship Withdrawal Requests


Please contact your supervisor or manager if you have any questions.



401K Hardship Withdrawal Requests


Overview

A hardship withdrawal is a request to pull emergency funds from a 401K retirement plan (401k) to receive immediate financial assistance. Creditors may require that a customer provide evidence of a debt to qualify for a hardship withdrawal from a 401k retirement plan.  As such, the Customer Experience Team may receive these requests.


Contact Center Procedure

If a customer contacts the call center requesting proof of debt to meet their creditors requirements to qualify for a hardship withdrawal loan from a 401k retirement plan, then the Customer Service Team Member completes the following steps:


  1. Navigate to TSK1 and open the RSCUST task, notate that the customer is requesting a letter providing proof of debt for a hardship withdrawal
  2. Advise the customer that the request will be completed by the Written/ Research Team within 5 business days

Notate the SERN screen in MSP with actions taken