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If you quit working or change employers, the loan must be paid back. How Do I Withdraw Money From My Merrill Lynch 401k To start your withdrawal youll need a One Time Distribution form from Merrill Lynch. Early withdrawals from 401(k)s may trigger penalties and taxes, but exceptions exist for hardship withdrawals. Banking products are provided by Bank of America, N.A. The CARES Act was enacted on March 27, 2020, and includes provisions for certain retirement plans that: Permit an additional withdrawal of up to $100,000 for Coronavirus-Related Distributions (CRDs) Increase the available loan amount to the lesser of a participant's vested account balance or $100,000 and provide relief from loan repayments In general, You may owe federal and state income taxes on the distribution on top of an additional 10% federal tax if you're under age. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. As a general rule, dipping into your retirement funds to cover a short-term need could end up costing you more in the long run. There would be no taxes imposed on funds that you borrow and pay back via a loan (unless you fail to pay it back, as noted below).. Expense Ratio Gross Expense Ratio is the total annual operating expense (before waivers or reimbursements) from the fund's most recent prospectus. You were a military reservist called to active duty. With fewer funds left in the account, youll also likely be missing out on future returns. All financial products, shopping products and services are presented without warranty. Select from a wide array of stocks, bonds, options, ETFS, well-known mutual funds and managed portfolios. Merrill Lynch Retirement Asset Savings Program Fact Sheet. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation. Additional information is available in our Client Relationship Summary (Form CRS) (PDF). Request a withdrawal or a new loan the same way you access your 401(k) now: visit Merrill at www.benefits.ml.com, or use the Benefits Online app for iOS and Android. NAV returns assume the reinvestment of all dividend and capital gain distributions at NAV when paid. Forty-eight percent of the people who have taken a hardship withdrawal have done so to buy a home, according to a study conducted by the Investment Company Institute (ICI) in the spring of 2000.