The US’s Internal Revenue Service has announced a relief package for victims of Hurricane Sandy which will allow them to tap their retirement plans to repair storm damage without incurring the usual withdrawal charges.

According to a notice posted on the IRS's website on Friday, 401k plans and other employer-sponsored retirement plans will be allowed to make loans and hardship distributions to victims of the hurricane and their families. The hurricane hit the US East Coast on October 29, bringing chaos to New York City, New Jersey and surrounding areas.