401(k) withdrawals:

The primary purpose of the 401(k) Plan is to save for your future. In return for the tax advantages of the Plan, federal law restricts your ability to take withdrawals from your accounts. If you terminate employment with HCA Healthcare and its affiliates, or upon your death, your fully vested account will be distributable. While you are still employed, you may only take withdrawals in certain cases: 

  • After you reach age 59½, certain withdrawals are available
  • After you reach age 62, additional withdrawals are available, 
  • If you incur a financial hardship, you may take withdrawals from some accounts 
  • If you are a reservist who was called to duty for a period in excess of 179 days or for an indefinite period of time, you may request and receive all or a portion of your Voluntary Contribution account before the end of the active-duty period 
  • Rollover contributions from prior plans 
  • Financial hardship withdrawals are available based on an employee's eligibility. The IRS defines a hardship as having an immediate and heavy financial need like a foreclosure, tuition payments, or medical expenses. 

For additional questions on eligibility and withdrawal rules please contact BConnected at 1(800)-566-4114, Monday-Friday 7:00 AM- 7:00 PM CST.


401(k) loans: 

A 401(k) loan, allows you to borrow money from your retirement savings account. You can take out as much as 50% of your vested account balance up to a maximum of $50,000, within a 12-month period. Remember, you'll have to pay back the amount withdrawn within 5 years of taking your loan. Your plan's rules limit you to one outstanding loan at a time and there is a $75 one-time administrative fee and an annual $25 loan maintenance fee. The interest rate charged for your loan is a market rate that is determined monthly and is based on rates published in the Wall Street Journal as the prime rate. 


For more information on HCA Healthcare’s loan provision, go to HCAGHR.com, click Benefits, and select BConnected.


Remotiv is not affiliated with HCA Healthcare and is a private company hired to provide independent investment education. All responses are intended to be educational in nature and should not be considered advice.