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Hempstead Town asks feds about IRA penalty waivers for storm fixes
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 of the high cost of rebuilding.
Many residents are waiting on Federal Emergency Management Agency checks or insurance money and need cash as soon as possible so they can rebuild, officials said.
Sandy’s “damage to homes, businesses and infrastructure has been staggering and many people are not able to pay for repairs without withdrawing from their IRAs, 401Ks and other saving programs. While most people with damage are waiting for payments from their insurance companies and FEMA, the repairs cannot be put on hold,” town officials said in a statement.
Town Supervisor Kate Murray and Councilman Anthony Santino made the announcement Tuesday in a hard-hit neighborhood in Baldwin.
Above: On Kildare Road in Garden City, a family looks at car crushed by a tree, felled by high winds during superstorm Sandy. (Oct. 30, 2012)