Making Withdrawals
Withdrawals from MetroMax are allowed after you retire, separate from service, die or become disabled. Withdrawals can also be made for “unforeseeable emergencies” — a severe financial hardship resulting from a sudden and unexpected illness or accident to a plan participant or dependent.
NOTE: It is very difficult to qualify for an emergency withdrawal. To do so, you must satisfy strict IRS rules. For more information, and to obtain the proper forms to request an emergency withdrawal, contact your plan service provider.
When you do withdraw money from MetroMax, you are going to pay current income taxes on it unless you roll the sum into another tax-deferred vehicle. Upon separation of service, you can roll your 457 plan money into your new employer's retirement plan or into an IRA. If you qualify for withdrawal because of an unforeseeable emergency, the funds are taxable when you withdraw.