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401(K) loans are a way to borrow money from your 401(k) retirement account.  Reliant will deduct loan payments from your paychecks to "repay" the loan amount to your 401(K), along with interest and applicable fees for the loan. 

To request a loan Loan log on to your account at principal.com - Select Loans and Withdrawals - Request a Loan.  Loans can be paid out in the form of a check or a direct deposit. 

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401(k) Hardship Withdrawals can only be requested under specific financial hardship situations.  A Hardship Withdrawal is considered taxable income and will be reported to the IRS.  You will not be able to put the money back in the account once you withdraw it.  Principal will deduct additional tax penalties from the withdrawal amount for penalties that you will owe to the IRS for withdrawing the funds before retirement age. 

To request a Hardship Withdrawal log on to your account at principal.com - Select Loans and Withdrawals - Request a Withdrawal.  Withdrawals can be paid out in the form of a check or a direct deposit. Please allow a minimum of 5-10 business days for processing, as this type of withdrawal is more complicated and involves additional layer of approval. 

If you have questions about a hardship withdrawal please contact Barb Seckler, Finance Manager at 407-671-9700 ext 108 for a confidential discussion of your options. 

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