The Miami-Dade County 457 Deferred Compensation Plan is intended to help you put aside money for retirement, however, emergencies do occur. If you have an immediate financial need created by an unforeseeable emergency and you lack other reasonably available resources to meet that need, you may be eligible to receive an emergency withdrawal from your account.
For an emergency to comply with the Internal Revenue Code, it must satisfy all of the following:
- Financial hardship must be severe and beyond your control.
- Funds in your 457 plan account must represent a last resort.
- Emergency circumstances must be sudden, unexpected, and unbudgetable.
- In the event of a sudden illness, financial hardship must result from events affecting you or a dependent who can be claimed on your tax return.
If you feel you are facing an unforeseeable emergency, you may download the Miami-Dade County 457 Deferred Compensation Plan Emergency Withdrawal Packet and fax the completed form to MissionSquare Retirement at 202-682-6439. Do not submit the completed forms to Miami-Dade County's Benefits Office. All forms are processed by MissionSquare Retirement.