Your plan determines the available choices
Principal provides help for people with employer-sponsored retirement plans. Its guidance says you can check your account to see whether your particular plan permits loans or withdrawals. A general help article cannot establish eligibility, documentation requirements or processing time for every employer's plan.
A hardship withdrawal is not a loan
Principal describes a hardship withdrawal as a permanent reduction in retirement savings, unlike a plan loan that must be repaid under its terms. Availability and the consequences depend on the plan and the individual's circumstances. Before choosing, ask the plan administrator for the applicable rules, supporting documents, available amount and expected processing steps.
Consider the cost as well as the immediate need
Taking money out can affect future savings and may have tax consequences. Ask a qualified tax adviser about your situation and compare other available choices before submitting a request. Do not assume that a withdrawal option mentioned in general guidance is offered by your employer's plan.
Keep a record of the request
Save the plan's current instructions, submitted forms and confirmation numbers. We did not submit a withdrawal or verify an individual customer's eligibility or processing time.