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September 15, 2005
JS-2722
Treasury and IRS to Allow Hurricane Katrina Victims to Make Withdrawals
and Loans From Retirement Plans
WASHINGTON, DC – The Treasury Department and IRS announced today that 401(k) plans and similar plans, such as those under section 403(b), will be permitted to make loans and hardship distributions to victims of Hurricane Katrina.
"Today's action will allow those devastated by Hurricane Katrina access to much-needed money as they work to rebuild their lives," stated Treasury Secretary John Snow. "I also applaud action taken in the House and Senate today to provide tax relief to Katrina victims and to allow these withdrawals to be made without penalty."
The relief is generally available now through March 31, 2006.
REPORTS