With the economy being the way it is, a lot of people I know are pulling money from their 401K's & even the President saying if you feel uncomfortable with the economy & feel the need to pull money out of their retirement plans, then do so even though he would rather you not, I was going to try to pull money out of my 401K through my employer through Great West. And, they absolutely would not let me. It's my retirement money. If I want to get some out before I retire, then I should be able to. They kept quoting IRS regulations that it needed to be a qualifying reason. My wife preapred taxes for five years. She got on the phone with them & told them we weren't wanting a non-taxable distribution, & that we knew there would be tax consequences. Come to find out that it was their own rules that they would not let me take an early distribution. They were just trying to stand behind IRS regulations because it made them look better. They refused to let me have any money that I, myself have paid in.in the end, Great West takes your money & holds onto it extremely tightly, squezing every bit of interest they can get out of it & try to stand behind IRS regulations, when it is their own rules. They rip you off!
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