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Press Coverage How to Withdraw Money from a 401(k) Early

Paul Porretta, a partner in Troutman Pepper’s Employee Benefits and Executive Compensation Practice Group, was quoted in the Bankrate article, ” How to Withdraw Money from a 401(k) Early.”

“A 401(k) plan — even if it allows for hardship withdrawals — can require that the employee exhaust all other financial resources, including the availability of 401(k) loans, before permitting a hardship withdrawal,” says Paul Porretta, a compensation and benefits attorney at Troutman Pepper in New York.

“An employer could amend their plan by allowing coronavirus-related distributions but not increasing the 401(k) loan limit,” according to Porretta.

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