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Hempstead Town asks feds about IRA penalty waivers for storm fixes

Wednesday December 5, 2012 3:31 PM By Patrick Whittle

On Kildare Road in Garden City, a family

Photo credit: Newsday / Karen Stabile

Hempstead Town officials Tuesday called on the federal government to aid superstorm Sandy victims by waiving penalties associated with early withdrawals of investment plans. Owners of investment plans such as IRA and 401(k) accounts typically pay heavy penalties for withdrawing money early.

But Hempstead officials said Tuesday that many Sandy sufferers need access to money immediately because...

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