Hello, My husbands office is imposing a mandatory across the board salary reduction of 20% on a 150K salary which is HUGE.. if he leaves his employer , can he withdraw his 401K? I know there will be a 10% penalty, how can I avoid paying 28% tax on the money if we need it?
Thank you

You can't. If he takes a distribution youy will lose close to half the value in the account between taxes and penalties.