Natural Disaster/Hurricane - 457 Financial Relief for Property Damage
Note: This communication is only applicable to employees who participate in one of the City’s 457(b) plans provided through Nationwide and MissionSquare.
Have you suffered loss to your primary residence as a result of a natural disaster/hurricane?
Distributions are available to participants of 457(b) plans if they suffer a property loss to their primary residence as a result of a natural disaster/hurricane. Participants seeking such a distribution must show that the emergency expense could not be covered by insurance, liquidation of assets, or cessation of deferrals under the Plan. In order for an Unforeseeable Emergency Distribution (UED) to be offered to plan participants, the State of Florida must list the area as a disaster area.
Is my distribution taxed?
Yes, these distributions are taxed as ordinary income, but you will not receive an early withdrawal penalty. However, distributions will not be reimbursed to your account.
When can I request a UED?
Participants can only request a distribution after the date of the emergency and upon approval from Nationwide or MissionSquare. Withdrawal requests submitted prior to an emergency or in anticipation of a hurricane will not be accepted.
What supporting documentation will be required?
In order to complete your UED request you will be required to submit the following documentation:
- Letter explaining what caused the casualty, and
- Statement from your insurance company stating the loss is not covered, and
- Billing statement or cost estimate
The above documents must be dated within the last 4 months, reflect the amount necessary to repair primary residence, include the property’s address, and have a future payment due date.
How do I request a UED?
Requests for a UED must be made through your 457(b) Plan provider, Nationwide or MissionSquare.
How can I obtain additional funding?
Participants can take a loan at any time by calling the Nationwide or MissionSquare Customer Service numbers. Loans must be paid back with interest, but the interest goes into your account.
MissionSquare
Submit a Claim with MissionSquare
Question? Contact:
Miguel Hidalgo
Retirement Plans Specialist
Phone: 202-759-7075
mhidalgo@missionsq.org
Nationwide
Submit a Claim with Nationwide
Question? Contact:
Aaron Schwartz
Senior Retirement Specialist
Phone: 305-439-9550
Aaron.Schwartz@nationwide.com
Al Pinzon
Senior Retirement Specialist
Phone: 954-232-7615
pinzona@nationwide.com