Additional information

¹On August 29, 2021, President Biden approved a major disaster declaration with individual assistance by the Federal Emergency Management Agency (FEMA) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, Pub. L. 100-707, as a result of Hurricane Ida for an incident period beginning August 26, 2021 and continuing. FEMA hardship withdrawal can be taken for participants living or working in an area deemed a FEMA Major Disaster where Individual Assistance has been approved.

The declaration of a major disaster and FEMA approval of individual assistance for an area enables eligible participants in 401(k) or 403(b) plans, whose principal residence or principal place of employment at the time of the disaster was in that area, to request hardship withdrawals for expenses and losses (including loss of income) incurred on account of the disaster from plans that include the FEMA declared disaster provision. We will update effected areas as needed.

Note: Participants in 457(b) plans are subject to different rules and may request unforeseeable emergency withdrawals from plans that include that provision, if they qualify.

²A distribution is deemed to be made on account of an immediate and heavy financial need of the employee if the distribution is for:

(1) Expenses for (or necessary to obtain) medical care that would be deductible under section 213(d), determined without regard to the limitations in section 213(a) (relating to the applicable percentage of adjusted gross income and the recipients of the medical care) provided that, if the recipient of the medical care is not listed in section 213(a), the recipient is a primary beneficiary under the plan;
(2) Costs directly related to the purchase of a principal residence for the employee (excluding mortgage payments);
(3) Payment of tuition, related educational fees, and room and board expenses, for up to the next 12 months of post-secondary education for the employee, for the employee's spouse, child or dependent (as defined in section 152 without regard to section 152(b)(1), (b)(2) and (d)(1)(B)), or for a primary beneficiary under the plan;
(4) Payments necessary to prevent the eviction of the employee from the employee's principal residence or foreclosure on the mortgage on that residence;
(5) Payments for burial or funeral expenses for the employee's deceased parent, spouse, child or dependent (as defined in section 152 without regard to section 152(d)(1)(B)), or for a deceased primary beneficiary under the plan;
(6) Expenses for the repair of damage to the employee's principal residence that would qualify for the casualty deduction under section 165 (determined without regard to section 165(h)(5) and whether the loss exceeds 10% of adjusted gross income); or
(7) Expenses and losses (including loss of income) incurred by the employee on account of a disaster declared by the Federal Emergency Management Agency (FEMA) under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, Pub. L. 100-707, provided that the employee's principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disaster. Plan rules and requirements may restrict or change one or more of the key provisions.

By using these communications, you represent that you are an authorized representative of the organization for which you are copying, distributing, posting, or otherwise using the Fidelity-prepared communications attached here, and that you accept these terms and conditions on behalf of the organization.

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