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Spousal Consent

CarmenCarmen 3 Posts
in HR & Employment Law Vote Up0Vote Down
In the state of Georgia, does an employee need spousal consent to withdraw all his contributions from his 401(k) account?
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  • 2 Comments sorted by Votes Date Added
  • qsausagelmqsausagelm 34 Posts
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    I assume that the participant is still currently working for you. If the plan is subject to ERISA, which most are, spousal consent is required for any non-annuity payment, ie. loans, withdrawals, or surrenders. Our plan also requires that all loan options be exhausted before a hardship withdrawal can be made. Good luck.
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  • CarmenCarmen 3 Posts
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    [font size="1" color="#FF0000"]LAST EDITED ON 05-22-03 AT 09:10AM (CST)[/font][p][font size="1" color="#FF0000"]LAST EDITED ON 05-21-03 AT 03:41 PM (CST)[/font]

    [font size="1" color="#FF0000"]LAST EDITED ON 05-21-03 AT 01:56 PM (CST)[/font]

    >I assume that the participant is still currently working for you. If
    >the plan is subject to ERISA, which most are, spousal consent is
    >required for any non-annuity payment, ie. loans, withdrawals, or
    >surrenders. Our plan also requires that all loan options be exhausted
    >before a hardship withdrawal can be made. Good luck.

    My main concern is the spousal consent part of it. My corporate office in Texas told me that it was not necessary in Georgia. Can anyone else add to this? PLEASE. Is this Georgia law? Where can I find it? I need more info. Someone please help me.I'd appreciate it very much.

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