I work for a large multinational company, we are employee owned.
Recently I have incurred large home upkeep/upgrade bills (complete new central air and accompanying electrical upgrades) that have been compounded by my newborn son requiring open heart surgery, that has kept me out of work for 5 months. I am also being sued in a nasty family court dispute. Enter financial struggles.
In an attempt to ease the financial struggles I submitted a 401k hardship withdrawal through work, due to their “Safe Harbor” regulations it will literally only cover my sons medical bills, which is frankly the smallest bill due to the fact that I carry the highest tier insurance through my employer. So only 20% of the bills that are currently hanging over my head will be taken care of through this withdrawal. Option 2 was to inquire about withdrawing value from the company stocks I “own” to which I was given a resounding NO, which I believe is because the stocks are currently leveraged against the loan we used to purchase said company from the founder. So what gives, this is all “my money” but I can’t have it?
Tempted to quit my job, wherein my employer should give me the option to roll over my ESOP Dividends into the 401k and then with me not being employer attached I can just withdrawal my 401k (with penalties, but at least I can get my damn money) Does antiwork see a way to make this work better for my situation?