City of Providence 457B Plan

Plan Participant Notification of new Limitation & Unforeseen Emergency Distribution Process

When an employee/plan participant requests an unforeseeable emergency distribution, an application must be completed and signed by the employee and submitted to the city controller, the 457B plan administrator, for review and approval.

The full application is a two-part triple-copy document. Both components must be completed prior to submission to the plan administrator. The first part (Appendix A) is the actual request that must be fully completed and signed by the employee. The second part (Appendix B) is a detailed explanation of the rules regarding hardship distribution. The employee must read and sign off on full acknowledgement and understanding of the described laws.

Upon receipt, the plan administrator will review all applications in a timely and efficient manner. In the event the request is approved, a copy of the completed and approved application will be given to each the employee and vendor as well as being kept on file by the city. The 457B plan vendor will then process the request for the employee. This distribution will also result in the employee receiving a 1099R and being responsible to pay taxes on the distribution amount during the appropriate tax year. If the review results in the request being declined, the notification will be kept on file and provided to the employee in writing.

457B Documents in Available "PDF" format:

• 457B Plan Emergency Distribution Documents