Surviving Domestic Violence? Here’s How SECURE Act 2.0 Can Help You Rebuild Your Life.
In the sun-drenched streets of Paradise Valley, Arizona, Aunt Becky may have benefited from SECURE Act 2.0’s domestic violence distributions. Becky lived a life that seemed as bright as the desert sky. A K-12 teacher for 44 years, she was beloved by her students and respected by her colleagues. Her passion for sports, evident in her unwavering support for the Phoenix Suns and Arizona Diamondbacks, was matched only by her love for knitting, sewing, reading, and baking. But behind the cheerful facade of season tickets and homemade cookies, a darker story unfolded.
Becky’s world was a carefully constructed illusion. While she nurtured young minds in the classroom, her own spirit was slowly being crushed at home. Her husband, my Uncle Bob, maintained a firm grip on their family and gradually isolated Becky from her friends and family.
After her passing it was revealed to us that her husband had physically and mentally abused her. A friend of hers told us that Aunt Becky often came over to her house when she was abused. That is when her friend told her about escaping. But the thought was fleeting – where would she go? How would she support herself? Would her teaching income be enough to support her.
For years, Becky pushed down her desire for freedom. She threw herself into her teaching, her crafts, and her beloved sports teams. We found out later that her motto was “It’s not so bad,” as she cheered on her team the Suns. She loved the roar of the crowd and I wonder if the noise of the fans help her drown out her inner struggles. Aunt Becky never got the chance to face her ultimate ordeal – escaping. Aunt Becky passed away peacefully in her sleep, taking with her the dreams of a happier life unlived.
If only SECURE Act 2.0 had the domestic violence distributions during Becky’s lifetime.
The SECURE Act 2.0 is a piece legislation, which amongst other things, allows domestic violence survivors to withdraw up to $10,000 or 50% of their vested retirement account balance without penalties, could have been Becky’s lifeline.
Imagine a world where Becky had access to her retirement savings:
- She could have secured safe housing, away from Bob’s controlling behavior.
- She might have covered legal fees to protect herself and her assets.
- A SECURE Act 2.0 Survivor distribution could have replaced lost income as she rebuilt a happier life.
- She could have accessed necessary medical or mental health care to heal from the abuse.
We’ll never know if Aunt Becky would have taken this road had it been available. But for countless others facing similar situations, the SECURE Act 2.0 offers a glimmer of hope.
While Becky’s life could have been saved by this crucial financial lifeline, If you’re in a similar situation here are some steps:
- Contact the financial institution on your monthly 401(k) statement. Call the 800 number and ask if the 401(k) plan allows for domestic violence distributions. If so, ask them to send you a form.
- This domestic violence distribution form will need to be signed by you, your employer, and the TPA if there is one.
- Remember, you can self-certify your eligibility – that means you do not have to show proof of the abuse, (i.e. you don’t have to show photos, medical records, police reports, etc.)
- Distributions can take up to 2 weeks to process and mail to your home; so plan accordingly.
- Reach out to the National Domestic Violence Hotline (1-800-799-SAFE) for support and resources. Or go to https://www.thehotline.org/.
Aunt Becky’s life was filled with love for her students, passion for sports, and joy in her hobbies. But it was also marked by silent suffering. Let her story be a reminder that financial independence through SECURE Act 2.0 domestic violence distributions can be the key to escaping abuse.
To those still fighting their silent battles: You are not alone. There is help available. The SECURE Act 2.0 provides domestic violence distributions, a path that Becky never had.
Don’t wait.
Your unfinished journey to freedom can start today. If your 401(k) plan does not offer domestic violence distributions have your Human Resource Department call The Pension Department at 516-346-2999 and we will talk to them about adding domestic violence distributions to the plan. Or have the Human Resource Dept go to The Pension Department’s calendar and make an appointment to add domestic violence distributions to your 401(k) Plan.