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Samsara

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  1. I have a good sum of money from a 401k plan that I rolled over into a 457 at my new office. I hit a financial snag, and want to take my 401k money out from my 457. I was told when I was hired by our 457 rep, that because the money I am rolling over is a 401k, it retains the classification of 401k money. So in essence, I can take that money out (and get hit with that penalty and taxes), but I CANNOT take any money I put in while under the 457 itself (essentially there are two separate sets of funds under the one heading of 457). My rep is on vacation, and while a few other folks have told me this is how it works, I wanted to see what some here thought. All I want to do is take out my 401k money that I rolled over into the 457, which I was told I could do, at any time (again, although I'll get hit with the penalty and taxes).
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