Skip to main content
  1. Life
  2. Careers & Workplace
  3. Unemployment

403B fed tax and under 59 penalty tax waivers for the unemployed in California

See also

In today’s sluggish economy, 403B funds serve as unemployment insurance and not retirement funds. Those unemployed with no unemployment insurance to rely on due to the exhaustion of unemployment funds for those unemployed after 26 weeks in California deserve to have their twenty percent federal tax and under age 59 penalty tax waived from 403B funds.

Unemployment remains 7.6 in Glendale, 9.7 percent per a preliminary report for Los Angeles, (not seasonally adjusted) per the December 2013 unemployment rate according to the U. S. Department of Labor Bureau of Labor Statistics Western Information Office’s local area unemployment statistics query tool.

Nationally, the jobless rate has decreased by six-tenths of a percent since October 2013 to 6.8 percent per the Bureau of Labor Statistic’s Economics News Release Report of Feb 7, 2014.

Finding a job after the 2008 crash remains difficult due to mass layoffs that remain prevalent to this day. The middle to lower classes can barely afford to save for the present let alone for the future. This economy no longer supports long term employment. The day when everyone becomes a contractor and buys their own health insurance and pays into their own pension funds for retirement is already here and 403B retirement funds become unemployment insurance funds or rainy day savings for those who can afford them.

Advertisement

Life

  • Dan Savage
    Dan Savage cares about LGBT youth, bullying and saving lives
    Today's Buzz
  • Raku
    Teachers and students can use this summer to learn a new skill
    Camera
    15 Photos
  • Beach body
    Fitness: Earn your beach body badge with bootcamp classes
    Camera
    10 Photos
  • Greek wine
    Unwind with these delicious wines: The thrilling wines of Greece
    Camera
    7 Photos
  • Mandy Moore
    Exclusive interview with Celebrity Mandy Moore concerning animal activism
    Camera
    5 Photos
  • Educational family vacations
    Find out how to take an educational family vacation that doesn't break the bank
    Camera
    9 Photos