Financial Hardship Withdrawals. (a) In general. A withdrawal can be made on account of financial hardship only if the withdrawal both is made on account of an immediate and heavy financial need of the Employee and is necessary to satisfy such financial need. The Plan Administrator shall determine the existence of an immediate and heavy financial need and the amount necessary to meet the need, in accordance with the nondiscriminatory and objective standards set forth in this Section. The determination of whether an Employee has an immediate and heavy financial need is to be made on the basis of all relevant facts and circumstances. A financial need shall not fail to qualify as immediate and heavy merely because such need was reasonably foreseeable or voluntarily incurred by the Employee. A Participant shall not be required to obtain the consent of his or her Spouse prior to obtaining a financial hardship withdrawal unless the Adoption Agreement specifically requires spousal consent.
Financial Hardship Withdrawals. If elected by the Employer in Item Y(3), withdrawals of part of the Participant’s Account as provided in Item Y(3) will be permitted in the event of hardship due to an immediate and heavy financial need. If elected by the Employer in Item Y(7), the portion of the Participant’s Account held in the Qualifying Employer Securities Fund may not be redeemed for purposes of these withdrawals. Immediate and heavy financial need shall be limited to: (i) expenses incurred or necessary for medical care that would be deductible under Code Section 213(a) (determined without regard to whether the expenses exceed the stated limit on adjusted gross income); (ii) the purchase (excluding mortgage payments) of a principal residence for the Participant; (iii) payment of tuition, related educational fees, and room and board expenses, for up to the next 12 months of post- secondary education for the Participant, his spouse, children, or dependents (as defined in Code Section 152 without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B)); (iv) payments necessary to prevent the eviction of the Participant from, or foreclosure on the mortgage of, the Participant’s principal residence; (v) payments for funeral or burial expenses for the Participant’s deceased parent, spouse, child, or dependent (as defined in Code Section 152 without regard to Code Section 152(d)(1)(B)); (vi) 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 10% of adjusted gross income); or (vii) any other distribution which is deemed by the Commissioner of Internal Revenue to be made on account of immediate and heavy financial need as provided in Treasury regulations. If elected by the Employer in Item Y(3)(g), immediate and heavy financial need shall also include expenses described in (i), (iii), and (v) (relating to medical, tuition, and funeral expenses, respectively) of a Primary Beneficiary. No withdrawal shall be allowed which is not necessary to satisfy such immediate and heavy financial need. If Item Y(3)(h) is not selected, such withdrawal shall be deemed necessary only if all of the following requirements are met: (i) 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); (ii...
Financial Hardship Withdrawals. A distribution of the Deferred Compensation Account may be made to a Participant on account of financial hardship, subject to the following provisions:
5.2.1 A Participant may, at any time prior to his Retirement or termination of Service for any reason, including Disability, make application to the Committee to receive a distribution in a lump sum of all or a portion of the total vested amount credited to his Deferred Compensation Account (determined as of the date the distribution, if any, is made under this Section 5.2) because of an unforeseeable emergency that results in severe financial hardship to the Participant. A distribution because of an unforeseeable emergency shall not exceed the amount required to meet the immediate financial need created by the unforeseeable emergency and not otherwise reasonably available from other resources of the Participant. Examples of an unforeseeable emergency shall include but shall not be limited to those financial needs arising on account of a sudden or unexpected illness or accident of the Participant or of a dependent 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.
5.2.2 The Participant's request for a distribution on account of financial hardship must be made in writing to the Committee. The request must specify the nature of the financial hardship, the total amount requested to be distributed from the Deferred Compensation Account, and the total amount of the actual expense incurred or to be incurred on account of financial hardship.
5.2.3 If a distribution under this Section 5.2 is approved by the Committee, such distribution will be made as soon as practicable following the date it is approved. The processing of the request shall be completed as soon as practicable from the date on which the Committee receives the properly completed written request for a distribution on account of a financial hardship. If a Participant's termination of Service occurs after a request is approved in accordance with this Section 5.2.3, but prior to distribution of the full amount approved, the approval of the request shall be automatically null and void and the benefits which the Participant is entitled to receive under the Plan shall be distributed in accordance with the applicable distribution provisions of the Plan. Only one financial hardship distribution shall be made ...
Financial Hardship Withdrawals. (a) In general (b) Deemed Financial Hardships (c) Other Financial Hardships (d) Other available resources (e) Withdrawal deemed necessary to satisfy financial need (f) Limitation on Amount Withdrawn
Financial Hardship Withdrawals. (a) In general. A withdrawal can be made on account of financial hardship only if the withdrawal both is made on account of an immediate and heavy financial need of the Employee and is necessary to satisfy such financial need. The Plan Administrator shall determine the existence of an immediate and heavy financial need and the amount necessary to meet the need, in accordance with the nondiscriminatory and objective standards set forth in this Section. The determination of whether an Employee has an immediate and heavy financial need is to be made on the basis of all relevant facts and circumstances. A financial need shall not fail to qualify as immediate and heavy merely because such need was reasonably foreseeable or voluntarily incurred by the Employee. In the event that the provisions of Article VIII shall apply, as specified in the Adoption Agreement, a Participant shall be required to obtain the consent of his or her Spouse prior to obtaining a Financial Hardship Withdrawal. Such consent shall be in writing and shall be witnessed by a representative of the Plan or by a notary public. In the event that the provisions of Article VIII shall not apply, as specified in the Adoption Agreement, a Participant shall not be required to obtain the consent of his or her Spouse prior to obtaining a financial hardship withdrawal unless the Adoption Agreement specifically requires such consent.
Financial Hardship Withdrawals. (a) In general. A withdrawal can be made on account of financial hardship only if the withdrawal both is made on account of an immediate and heavy financial need of the Employee and is necessary to satisfy such financial need. The Plan Administrator shall determine the existence of an immediate and heavy financial need and the amount necessary to meet the need, in accordance with the nondiscriminatory and objective standards set forth in this Section. The determination of whether an Employee has an immediate and heavy financial need is to be made on the basis of all relevant facts and circumstances. A financial need shall not fail to qualify as immediate and heavy merely because such need was reasonably foreseeable or voluntarily incurred by the Employee. In the event that the provisions of Article VIII shall apply, as specified in the Adoption Agreement, a Participant shall be required to obtain the consent of his or her Spouse prior to obtaining a Financial Hardship Withdrawal. Such consent shall be in writing and shall be witnessed by a representative of the Plan or by a notary public. In the event that the provisions of Article VIII shall not apply, as specified in the Adoption Agreement, a Participant shall not be required to obtain the consent of his or her Spouse prior to obtaining a financial hardship withdrawal unless the Adoption Agreement specifically requires such consent.
(b) Deemed Financial Hardships. A withdrawal shall be deemed to be made on account of an immediate and heavy financial need of the Employee if the withdrawal is on account of:
(1) Expenses for medical and/or dental care described in Code section 213(d) previously incurred by the Employee, the Employee’s Spouse, or any dependents of the Employee (as defined in Code section 152) or necessary for these persons to obtain such medical or dental care as described in Code section 213(d); or
(2) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments); or
(3) Payment of tuition, related educational fees, and room and board expenses for the next 12 months of post-secondary education for the Employee, the Employee’s Spouse, children, or dependents (as defined in Code section 152); or
(4) Payments necessary to prevent the eviction of the Employee from his principal residence, or foreclosure on the mortgage of the Employee’s principal residence. The Employee shall be required to submit evidence satisfactory to the Plan Administrator (...
Financial Hardship Withdrawals. Financial hardship withdrawals may be made from the Plan [check desired option]: ý (A) Yes. o (B) No.
Financial Hardship Withdrawals. If this Plan is a profit-sharing plan (other than a profit-sharing plan which includes a cash or deferred arrangement described in Section 401(k) of the Code - that is, Adoption Agreement No. 002 or 004 was used by the Employer to adopt the Plan), if this option is selected in the Adoption Agreement, in-service withdrawals may be made by a Participant of any Vested portion of his Individual Account on account of financial hardship which cannot be met from the Participant's other available resources. The Plan Administrator, in a uniform and nondiscriminatory manner consistent with applicable Code requirements, will establish written guidelines for such hardship withdrawals. The Plan Administrator may require appropriate documentation to substantiate any such financial need as a condition for such a withdrawal and may establish any limitations on such withdrawal as he or she believes are necessary or appropriate for effective administration of the Plan. If this Plan is a profit-sharing plan which includes a cash or deferred arrangement described in Section 401(k) of the Code (that is, Adoption Agreement No. 005 or 006 was used by the Employer to adopt the Plan), if this option is selected in the Adoption Agreement, in- service financial hardship withdrawals will be limited to a Participant's rollover contribution sub-account and/or transfer contribution sub-account.
Financial Hardship Withdrawals. 94 5.3 "Haircut" Withdrawals ................................. 95 5.4
Financial Hardship Withdrawals. 99 5.3 "Haircut" Withdrawals ................................. 100 5.4 College Education Withdrawals .........................
