Review your ING 401(k) plan documents to determine whether you qualify for a loan or a hardship withdrawal. The qualifications for loans and hardship withdrawals vary between the different plans offered by ING, and they might be different for your employer. Meet with a human resource contact at your place of work to discuss your 401(k). Your HR representative can review the terms of your ING 401(k) with you and discuss the options for withdrawal and Calculate the amount that you intend to withdrawal, and add in taxes and penalties. If you are withdrawing money from your ING 401(k), you will probably be liable for a 10 percent early-withdrawal penalty. Your HR representative or ING, the 401(k) administrator, can assist you with determining the total amount you will lose if you withdrawal money from your 401(k).
Ask your HR representative about a 72(t) withdrawal, if you are nearing retirement age and still working. With a 72(t) withdrawal you might be able to get payments from your ING 401(k) based upon your life expectancy, according to CNN Money. This way you might be able to avoid the 10 percent penalty for early withdrawal and File all of the paperwork required by your employer and by ING, the 401(k) administrator.
Then repay your 401(k) as specified by ING and your employer, if you have taken a loan from your retirement account. Your employer might offer automatic repayment options, by which the amount is deducted from your pay at predetermined intervals. If you leave your employer before repaying the loan, the loan will be due shortly after your job termination, and you might owe the 10 percent penalty for early withdrawal.
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