Please forward the text below to DCP participants.
In recovering from flood damage, some employees may be eligible for a hardship withdrawal from their Deferred Compensation Program (DCP) under the “unforeseeable emergency/financial hardship” provision of the plan. The nature of the DCP withdrawals for hardship are somewhat complicated due to IRS requirements, so there is no easy synopsis except to encourage people who have significant flood damage and a DCP account to contact DRS directly to see if they qualify.
We have found it generally works best to have personal one-on-one conversations as each persons’ situation and perception of their situation are different. This helps to avoid disappointment or frustration for people who are facing difficult personal situations that do not qualify for early withdrawal. Flood damage may or may not trigger all the factors that qualify for a withdrawal. We have also found one-on-one conversations preferable as some people feel comfortable in talking about their problems openly while others feel strongly about their privacy.
In anticipation that DCP participants may want to know if their situation related to the flood qualifies for a withdrawal, we’ve set up an expedited review process with a panel of staff capable of making the determinations quickly. We understand the stress and anxiety that many people are feeling right now and want to be as helpful as possible.
We have a trained team of people at DRS that can assist your staff with understanding the paperwork and associated documentation of the “unforeseeable emergency/financial hardship.” We are also able to do a full walk-through of the paperwork with them one-on-one.
DCP participants seeking information can contact us at 888-327-5596 and select option 2 to speak to a customer service representative about a hardship withdrawal.
If you have any questions regarding this DRS Notice, please contact Employer Support Services at (360) 664-7200, option 2, or 1-800-547-6657, option 6, option 2; or email us.