Storm victims could qualify for retirement plan disaster assistance

Oklahomans who find themselves recovering from the recent severe storms in May can find another area of relief after the Federal Emergency Management Agency issued a Major Disaster declaration on June 14, 2024.

OKLAHOMA CITY (KFOR) - Oklahomans who find themselves recovering from the recent severe storms May 19 - 28, 2024 can find another area of relief after the Federal Emergency Management Agency (FEMA) issued a Major Disaster declaration on June 14, 2024.

Under the declaration, Retirement Plan Disaster Assistance could be available for Oklahoma storm victims. Oklahomans are reminded, if the employer permits hardship distributions for expenses and losses related to a federally declared disaster, participants can check fema.gov/locations to determine if they are located in a disaster area designated for individual assistance.

Employers with qualified retirement plans may allow participants to take hardship distributions due to a FEMA-declared disaster.

For more information on the special rules for distributions from retirement plans and individual retirement arrangements (IRAs) and for retirement plan loans, for certain individuals impacted by federally declared major disasters click here.

The fastest way to apply is through DisasterAssistance.gov. You can also apply through the FEMA mobile app or by calling the FEMA Helpline at 800-621-3362. If you use a video relay service, captioned telephone service, or other communication services, please provide FEMA the specific number assigned for that service.