Great West Retirement Services When Great West Gets Your Money They Keep It Internet, Internet

In response to those plan participants who are of the opinion that it is "GWRS's" behavior in this matter, I can provide some guidance.  Retirement savings plans sponsored by employers retain the services of firms such as GWRS to administer the plan "they" - the employer has designed and put in place. 

The terms of early withdrawal or hardship distributions are made in accordance with the plan document and GWRS merely follows the withdrawal/distribution terms and conditions of the employer sponsored plan.

Therefore, complaints with regard to the hardship distribution or early withdrawal of funds from a 401k or 457 deferred compensation plan should be brought to the attention of the employer and the board of trustees or administrative committee of the plan.

IRS regulations with respect to hardship distributions for Section IRC Section 457 plans are clear and can be Googled for reference.

A suggestion might be to propose to the employer that a loan provision be adopted for your plan. You pay yourself back with interest and so long as the payments remain current until paid off, there are no contructive receipt of funds which would trigger a taxalble event.

I am chairman of the Administrative Committee for a $200,000,000 public agency Section 457 Deferred Compensation Plan and speak from my experience with this plan.

I could really use some extra money this summer and was trying to withdraw my money from Great west Retirement only to be told that unless my employment is terminated or I retire that I can't get my money. If people want out, let them out. Don't use these guys, horrible customer service.