Financial Hardship. (a) A Financial Hardship distribution may only be made on account of an immediate and heavy financial need of the Participant, and where the distribution is necessary to satisfy the immediate and heavy financial need. A Financial Hardship distribution will only be considered as necessary to satisfy an immediate and heavy financial need of the Participant if the distribution is not in excess of the amount of the immediate and heavy financial need (including amounts necessary to pay any federal, state or local income taxes or penalties reasonably anticipated to result from the distribution);
(b) Financial Hardship shall be determined in accordance with Code Section 403(b), and the regulations thereunder, and the Employer’s or Custodian’s hardship policy and procedures, if applicable. The following are the only financial needs considered immediate and heavy:
(1) expenses incurred (or necessary to obtain) for medical care that would be deductible under Code Section 213(d), determined without regard to the limitations in Code Section 213(a) (relating to the applicable percentage of adjusted gross income and the recipients of the medical care) provided that, if the recipient of the medical care is not listed in Code Section 213(a), the recipient is a primary beneficiary under the Plan (as that term is defined in Treas. Reg. 1 401(k)-1(d)(3)(ii)(C);
(2) costs directly related to the purchase (excluding mortgage payments) of a principal residence for the Participant;
(3) payment of tuition and related educational fees for the next twelve (12) months of post-secondary education for the Participant, the Participant’s spouse, children or dependents, or the Participant’s primary beneficiary;
(4) payment necessary to prevent the eviction of the Participant from, or a foreclosure on the mortgage of, the Participant’s principal residence;
(5) payments for funeral or burial expenses for the Participant’s deceased parent, spouse, child or dependent, or the Participant’s primary beneficiary;
(6) expenses to repair damage to the Participant’s principal residence that would qualify for a casualty loss deduction under Code Section 165 (determined without regard to whether the loss exceeds ten percent (10%) of adjusted gross income; and
(7) expenses and losses, including loss of income, incurred by the Participant on account of a disaster declared by the Federal Emergency Management Agency (FEMA), provided that the Participant’s principal residence or principal place of employm...
Financial Hardship. Must include verification appropriate to the circumstance and must demonstrate a loss of income that has occurred since the cancellation deadline as stated in Section III C. The Licensee must submit a copy of the current academic year financial aid award summary for evaluation. Students must show that they have exhausted all viable options, including taking out student loans.
Financial Hardship. 8.2.1 If at any time You believe You are in a situation of financial hardship, We invite You to contact Our Customer Service Team to discuss Your situation confidentially, and to see if You qualify for assistance in accordance with Our Financial Hardship Policy (a copy of which is available here).
Financial Hardship. An in-service withdrawal will be on account of financial hardship only if the Participant has an immediate and heavy financial need and the withdrawal is necessary to meet such need. A withdrawal will be deemed to be on account of an immediate and heavy financial need if it is occasioned by:
Financial Hardship. After payments under this Agreement begin, the Company may, in its sole discretion, pay the balance of the account to the Executive or any beneficiary herein, provided that the Executive or beneficiary has a demonstrable need due to financial hardship. The decision of whether financial hardship exists, or whether any payments herein shall be made, shall at all times rest solely with the Company, in its sole discretion.
Financial Hardship. You must provide documented evidence that there has been a significant, unexpected change in your financial situation over which you have no control, or that of any other(s) supporting you, from the time you entered into the agreement to present, and that this change renders you incapable of fulfilling the financial obligations associated with the campus dining commitment.
Financial Hardship. The 1995 Plan Committee or senior management of the Company may, in its or their sole discretion, permit other sales of vested Shares during the Blackout Period in the event of a severe financial hardship of the Grantee.
Financial Hardship. Financial Hardship" means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant's spouse, or a dependent (as defined in Section 152(a) of the Code) of the Participant, loss of the Participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant, provided, that such financial hardship may not be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant's assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of deferrals under the Plan. The determination of whether a Financial Hardship exists shall be subject to and determined in accordance with relevant tax guidance issued under Section 409A of the Code.
Financial Hardship. If a Resident has a financial hardship caused by living in CSUSM Housing, the Resident may petition to be released from the Agreement. The Resident must present documentation that indicates a financial change that occurred between the time the resident signed their housing contract to the date of their cancellation request. *
Financial Hardship. Must include verification appropriate to the circumstance and must demonstrate an unexpected loss of finances outside of the control of the licensee. Licensee must submit copy of current academic year financial aid award summary for evaluation in addition to appropriate documentation of the unexpected financial loss.
