As an essential component of our nation's defense and emergency response capabilities, National Guardsmen dedicate their time, skills, and often put themselves in harm's way to protect and serve our communities. Recognizing their significant contributions and the unique financial challenges they may face, this proposal advocates for a legislative resolution that allows National Guardsmen to make early withdrawals from their 401(k) plans without penalty to pay off the balance of their home loan mortgage. National Guardsmen, like other military personnel, may experience financial strain due to deployments, frequent relocations, and the demands of their service. Balancing their military duties with financial responsibilities, such as mortgage payments, can be challenging. Homeownership provides stability and security for National Guardsmen and their families, contributing to their overall well-being and readiness to serve effectively. While 401(k) plans are designed for long-term retirement savings, allowing early withdrawals for specific purposes, such as mortgage payoff, can provide crucial financial relief and support homeownership goals. Financial Relief: National Guardsmen facing financial challenges related to their home mortgages would receive immediate relief by accessing their 401(k) funds without penalty. By facilitating mortgage payoff, this benefit promotes housing stability and reduces the risk of foreclosure or financial strain for National Guardsmen and their families. Offering this benefit demonstrates the government's commitment to supporting National Guardsmen, enhancing morale, and potentially attracting and retaining talented individuals in the National Guard. The proposed resolution to allow National Guardsmen early withdrawal from their 401(k) plans without penalty for mortgage payoff aligns with our values of supporting our military personnel and promoting financial stability. It addresses a specific financial need faced by National Guardsmen while ensuring responsible use of retirement savings.

The Enlisted Association of the National Guard of the United States recommends to the Congress of the United States legislation in support of National Guardsmen's benefit to make early withdrawals from their 401(k) plans without penalty to pay off the balance of their home loan mortgage.