Paul L. Porretta Quoted in CNBC Article, 'Employers Are Making It Easier for Workers to Tap Their 401(k) Savings'
Paul L. Porretta, a partner in the Employee Benefits and Executive Compensation Practice Group of Pepper Hamilton, was quoted in the May 26, 2020 CNBC article " Employers Are Making It Easier for Workers to Tap Their 401(k) Savings."
"You get a three-year period to pay the taxes to Uncle Sam," said Paul Porretta, partner at Pepper Hamilton LLP in New York.
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"A 401(k) plan or a 403(b) plan, even if it allows for hardship withdrawals, can require that the employee exhaust other sources of money before taking a withdrawal," said Porretta.