Coronavirus-Related Distributions Sample Clauses

Coronavirus-Related Distributions. (CRDs) – If you qualified in 2020, you were able to withdraw up to $100,000 in aggregate from your IRAs and eligible retirement plans as a CRD, without paying the 10 percent early distribution penalty tax. You were a qualified individual if you (or your spouse or dependent) was diagnosed with the COVID-19 disease or the SARS-CoV-2 virus in an approved test; or if you experienced adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reduced hours of a business owned or operated by you due to such virus or disease, or other factors as determined by the IRS. A CRD must have been made on or after January 1, 2020, and before December 31, 2020.
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Coronavirus-Related Distributions. (CRDs) – If you qualified on 2020, you were able to withdrawal up to $100,000 in aggregate from your IRA’s and eligible retirement plans as a CRD, without paying the 10 percent early distribution penalty tax. You were a qualified individual if you (or your spouse or dependent) was diagnosed with the COVID- 19 disease or the SARS-CoV-2 virus in an approved test; or if you have experienced adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reduced hours of a business owned or operated by you due to such virus or disease, or other factors as determined by the IRS. A CRD must have been made on or after January 1, 2020, and before December 31, 2020. CRDs will be taxed ratably over a three-year period, unless you elected otherwise, and may be repaid over three years beginning with the day following the day a CRD is made. Repayments may be made to an eligible retirement plan or IRA. An eligible retirement plan is defined as a qualified retirement plan, 403(a) annuity, 403(b) tax-sheltered annuity, 457(b) eligible governmental deferred compensation plan, or an IRA.
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Coronavirus-Related Distributions. (CRDs) – If you qualified on 2020, you were able to withdrawal up to $100,000 in aggregate from your IRA’s and eligible retirement plans as a CRD, without paying the 10 percent early distribution penalty tax. You were a qualified individual if you (or your spouse or dependent) was diagnosed with the
Sample 1
Coronavirus-Related Distributions. Each Participant shall, upon written application to the Plan, and in accordance with such rules and regulations as the Directors may establish, receive a one-time distribution (a “Coronavirus-related Distribution”) provided all of the following requirements are satisfied: (a) The Participant must be vested in the Plan as of December 21, 2019. 108 ADDED – Amendment XCV, June 25, 2020, retroactively effective May 25, 2020, Article V, Section 8 is added. AMENDED – Amendment XCVI, October 29, 2020, effective August 1, 2020. 1993 Restated Trust Agreement (Inclusive of Amendments I through XCIX) (b) The amount of the Coronavirus-related Distribution may not exceed the lesser of: (i) twenty (20%) percent of the Participant’s account balance as of December 31, 2018; and
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Coronavirus-Related Distributions. If elected by the Employer in the Adoption Agreement (and permitted under a 403(b) Plan Investment Arrangement), a Participant’s Elective Deferrals may be distributed as a coronavirus-related distribution. A coronavirus-related distribution is any distribution made from the Plan on or after January 1, 2020, and before December 31, 2020, to a qualified individual, as defined in section 2202(a)(4)(A)(ii) of the Coronavirus Aid, Relief, and Economic Security Act, Pub L 116-136 (CARES Act) and Section 1B of Notice 2020-50, which does not exceed, in the aggregate, the amount specified in the Adoption Agreement under the Plan and other retirement plans maintained by the Employer and Related Employers. (a) Receive a penalty free distribution as a CRD (“Coronavirus-Related Distribution); (b) The maximum of such distribution shall be $100,000; and (c) The amount distributed may be repaid into the Plan during the 3-year period beginning on the day after the date that such distribution was received.
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Coronavirus-Related Distributions. If you receive a coronavirus-related distribution under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), you may contribute all or part of the distribution to this XXX. You must make the contribution within three years from the date the distribution was received. The amount is treated as a rollover contribution and you will not owe federal income tax on the distribution.
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Coronavirus-Related Distributions. Subject to the provisions described in Section 2.3(d)(4), if any, a Qualified Individual may take one or more Coronavirus-Related Distributions. The accounts from which the amount may be distributed shall be limited if selected in Sections 2.3(d)(1) and (2). However, if the Plan is a Defined Benefit Plan, and the Qualified Individual has not separated from service, the Qualified Individual may not take a Coronavirus-Related Distribution prior to attaining the earlier of Normal Retirement Age or age 59½. The provisions of this Section will apply notwithstanding any limitation in the Plan on partial distributions or any otherwise applicable plan or administrative limits on the number of allowable distributions.
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Coronavirus-Related Distributions. Pursuant to CARES Act §2202(a) (as clarified and expanded on by IRS Notice 2020-50 and any superseding guidance), the Plan shall permit “coronavirus- related distributions.” The term “coronavirus-related distribution” means any distribution from the Plan made on or after January 1, 2020 and before December 31, 2020 (or such later date as the Secretary of the Treasury or it’s delegate may prescribe) to an individual: (a) who is diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention; (b) whose spouse or dependent (as defined in Code §152) is diagnosed with such virus or disease by such a test; or (c) who experiences adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Secretary of the Treasury (or the Secretary’s delegate). The aggregate amount of distributions received by an individual for any coronavirus-related distributions from all plans maintained by the employer (and any member of any controlled group as defined in Code §414(b), (c), (m), or (o) which includes the employer) for any taxable year shall not exceed $100,000 and Code §72(t) shall not apply. An individual who receives a coronavirus-related distribution may, at any time during the three- year period beginning on the day after the date on which such distribution was received, make one or more contributions in an aggregate amount (not to exceed the amount of such distribution) to an eligible retirement plan of which such individual is a beneficiary and to which a rollover contribution of such distribution could be made under Code §§402(c), 403(a)(4), 403(b)(8), 408(d)(3), or 457(e)(16), as the case may be. If such contribution is made with respect to a coronavirus-related distribution from an eligible retirement plan other than an individual retirement plan, then the individual shall, to the extent of the amount of the contribution, be treated as having received the coronavirus-related distribution in an eligible rollover distribution (as defined in Code §402(c)(4) and as having transferred the amount to the eligible retirement plan in a direct trustee to trustee transfer within 60 days...
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Related to Coronavirus-Related Distributions

  • Dividends and Related Distributions Make any Restricted Payment, or agree to become or remain liable to make any Restricted Payment, except: (a) dividends or other distributions payable to another Loan Party; (b) so long as no Event of Default has occurred and is continuing or would result therefrom, the Borrower or any of its Subsidiaries may pay dividends in shares of its own Equity Interests (other than Disqualified Equity Interests); (c) any Restricted Payment made by a Subsidiary that is not a Loan Party to another Subsidiary that is not a Loan Party or a Loan Party; (d) the Special Distribution, so long as (i) no Potential Default or Event of Default then exists or arises therefrom and (ii) after giving effect thereto on a Pro Forma Basis, the Loan Parties are in compliance with the covenants set forth in Sections 9.12 and 9.13; (e) Restricted Payments consisting of redemptions of Equity Interests of Holdings held by employees, officers, or directors of Holdings (or any spouses, ex-spouses, estates or Affiliates of any of the foregoing); provided, that the aggregate amount of such redemptions made by Holdings in respect of each Fiscal Year prior to the Expiration Date shall not exceed (i) the greater of (A) $2,000,000 or (B) 5.00% of Consolidated EBITDA for the four Fiscal Quarter period most recently ended as of such date of determination in respect of which financial statements have been delivered pursuant to Section 8.1(a) or 8.1(b), as applicable less (ii) the aggregate amount of cash compensation consisting of Qualified LTIP Accrual Amounts added to Consolidated EBITDA pursuant to clause (b)(vii)(B) thereof in respect of such period; provided, further, that Restricted Payments under this Section 9.4(e) shall be subject to the satisfaction of the following conditions: (i) no Event of Default has occurred or would result from such Restricted Payment, (ii) the Borrower provides Administrative Agent evidence that after giving effect to the consummation of such Restricted Payment, Holdings and its Subsidiaries on a consolidated basis shall maintain a Consolidated Fixed Charge Coverage Ratio of at least 1.25 to 1.00 on a Pro Forma Basis, measured as of the most recently ended Fiscal Quarter for which the Loan Parties have delivered the financial statements required under Sections 8.1(a) or (b), as the case may be, for the four Fiscal Quarter period then ended, (iii) after giving effect to the consummation of such Restricted Payment, the Consolidated Total Net Leverage Ratio is less than or equal to 2.50 to 1.00, and (iv) each Loan Party shall be Solvent before and after giving effect to such Restricted Payment; and (f) dividends, distributions and/or share repurchases in an aggregate amount not to exceed $10,000,000 per Fiscal Year, so long as (i) no Potential Default or Event of Default then exists or arises therefrom and (ii) after giving effect thereto on a Pro Forma Basis, the Loan Parties are in compliance with the covenants set forth in Sections 9.12 and 9.13; provided that the aggregate amount of dividends, distributions and share repurchases under this Section 9.4(f) shall be unlimited so long as after giving effect thereto on a Pro Forma Basis, the Consolidated Total Net Leverage Ratio is less than 2.50 to 1.00.

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