Common use of Financial Hardship Clause in Contracts

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 employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disaster.

Financial Hardship. (aFor purposes of Article 4.01(a)(3) A Financial Hardship distribution may only be made on account of this Agreement, financial hardship is as 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 described 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(bTreasury Regulation 1.401(k)-1(d)(3), and the regulations thereunder, and the Employer’s or Custodian’s hardship policy and procedures, if applicablewhere such Participant lacks other available resources. The following are the only financial Financial needs considered immediate and heavy: (heavy include, but are not limited to, 1) expenses incurred (or necessary to obtain) for medical care that would be deductible under care, described in 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)Employee, the recipient is a Employee’s primary beneficiary under Beneficiary, the Plan (as that term is defined in Treas. Reg. 1 401(k)-1(d)(3)(ii)(C); (Employee’s Spouse or dependents, 2) costs directly related to the purchase (excluding mortgage payments) of a principal residence for the Participant; (Employee, 3) payment of tuition and related educational fees for the next twelve (12) 12 months of post-secondary education for the ParticipantEmployee, the ParticipantEmployee’s spouseprimary Beneficiary, the Employee’s Spouse, children or dependents, or the Participant’s primary beneficiary; (4) payment necessary to prevent the eviction of the Participant Employee from, or a foreclosure on the mortgage of, the ParticipantEmployee’s principal residence; (, 5) payments for funeral or burial expenses for the Participant’s deceased parent, spouseSpouse, primary Beneficiary, child or dependent, or the Participant’s primary beneficiary; (and 6) expenses payment to repair damage to the ParticipantEmployee’s principal residence that would qualify for a casualty loss deduction under Code Section 165 (determined without regard to whether the loss exceeds ten 10 percent (10%) of adjusted gross income; and (7) expenses ). No distributions on account of financial hardship shall exceed the amount determined to be necessary to meet the immediate financial need created by the hardship as described in those same regulations and lossesthe Plan and that cannot be otherwise reasonably accommodated from other resources of the Participant. Any distribution made on account of the Participant’s financial hardship shall be made to the Participant in a single sum payment in cash pursuant to instructions provided in writing or in another form acceptable to the Custodian, including loss and delivered to the Custodian. Hardship distributions described in this Article 4.02 may consist only of incomethe amounts contributed pursuant to the Participant’s salary reduction agreement, incurred excluding the earnings on such contributions. The determination of whether a financial hardship exists shall be made pursuant to the terms of the Plan or by the Participant if the Plan doesn’t contain such terms and not by the Custodian. A Participant who requests a distribution on account of financial hardship shall certify, in a disaster declared by the Federal Emergency Management Agency (FEMA), provided that the Participant’s principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect manner acceptable to the disasterCustodian, that a financial hardship exists. If the Participant receives a hardship distribution, they will be prohibited from making any Elective Deferrals for a period of six months from the date of such distribution.

Financial Hardship. (aFor purposes of Article 4.01(a)(3) A Financial Hardship distribution may only be made on account of this Agreement, financial hardship is as an immediate and heavy financial need of the ParticipantEmployee, 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 described 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(bTreasury Regulation 1.401(k)-1(d)(3), and the regulations thereunder, and the Employer’s or Custodian’s hardship policy and procedures, if applicablewhere such Employee lacks other available resources. The following are the only financial Financial needs considered immediate and heavy: (heavy include, but are not limited to, 1) expenses incurred (or necessary to obtain) for medical care that would be deductible under care, described in 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)Employee, the recipient is a Employee’s primary beneficiary under Beneficiary, the Plan (as that term is defined in Treas. Reg. 1 401(k)-1(d)(3)(ii)(C); (Employee’s Spouse or dependents, 2) costs directly related to the purchase (excluding mortgage payments) of a principal residence for the Participant; (Employee, 3) payment of tuition and related educational fees for the next twelve (12) 12 months of post-secondary education for the ParticipantEmployee, the ParticipantEmployee’s spouseprimary Beneficiary, the Employee’s Spouse, children or dependents, or the Participant’s primary beneficiary; (4) payment necessary to prevent the eviction of the Participant Employee from, or a foreclosure on the mortgage of, the ParticipantEmployee’s principal residence; (, 5) payments for funeral or burial expenses for the ParticipantEmployee’s deceased parent, spouseSpouse, primary Beneficiary, child or dependent, or the Participant’s primary beneficiary; (6) expenses payment to repair damage to the ParticipantEmployee’s principal residence that would qualify for a casualty loss deduction under Code Section 165 (determined without regard to Code section 165(h)(5) and whether the loss exceeds ten ten- percent (10%) of adjusted gross income; and (), and 7) effective for distributions on or after January 1, 2018, expenses and losses, losses (including loss of income, ) incurred by the Participant Employee on account of a disaster declared by the Federal Emergency Management Agency (FEMA), provided that the ParticipantEmployee’s principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disaster. No distributions on account of financial hardship shall exceed the amount determined to be necessary to meet the immediate financial need created by the hardship as described in those same regulations and the Plan. In addition, the amount of the distribution cannot be otherwise reasonably accommodated from other resources of the Participant, such as through other distributions currently available under the Plan or by cash or other liquid assets that are reasonably available to the Participant. Any distribution made on account of the Participant’s financial hardship shall be made to the Participant in a single sum payment in cash pursuant to instructions provided in writing or in another form acceptable to the Custodian, and delivered to the Custodian. Hardship distributions described in this Article 4.02 may consist only of the amounts contributed pursuant to the Participant’s salary reduction agreement, excluding the earnings on such contributions. The determination of whether a financial hardship exists shall be made pursuant to the terms of the Plan or by the Participant if the Plan doesn’t contain such terms and not by the Custodian. A Participant who requests a distribution on account of financial hardship shall certify, in a manner acceptable to the Custodian, that a financial hardship exists. If the Participant receives a hardship distribution before January 1, 2020, he or she will be prohibited from making any Elective Deferrals (and nondeductible employee contributions, if applicable) for a period of six months from the date of such distribution as described in the Plan. For hardship distributions that are made on or after January 1, 2020, the Participant’s Elective Deferrals (and nondeductible employee contributions, if applicable) will not be suspended for any period of time due to the receipt of a hardship distribution.

Financial Hardship. (ai) If elected by the Employer in item 8(D) of the Adoption Agreement (Profit Sharing Plan), a Participant may elect to withdraw all or any portion of his Elective Deferrals (excluding net earnings credited thereto after December 31, 1988) on account of financial hardship. For purposes of this Section 5.5, a financial hardship shall mean an immediate and heavy financial need of the Participant which cannot be satisfied from other resources reasonably available to such Participant. Hardship withdrawals are subject to the spousal consent requirements of Code Sections 401(a)(11) and 417. (ii) A Financial Hardship distribution may only be withdrawal is made on account of an immediate and heavy financial need of a Participant only if it is made on account of: (A) unreimbursed medical expenses described in Code Section 213(d) of the Participant or the Participant's spouse or dependents (as defined in Code Section 152); (B) the purchase (excluding mortgage payments) of a principal residence for the Participant; (C) payment of tuition for the next term of post-secondary education for the Participant or the Participant's spouse, and where children or dependents; or (D) the distribution is necessary need to satisfy prevent the immediate and heavy financial need. Participant's eviction from, or foreclosure on the mortgage of, the Participant's principal residence or such other events as may be approved by the Commissioner of Internal Revenue in rulings, notices or other published documents. (iii) A Financial Hardship distribution will only be considered as necessary to satisfy an immediate and heavy financial need of the Participant if only if: (A) the Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer; (B) all plans maintained by the Employer provide that the Participant's Elective Deferrals and any other elective contributions or employee contributions under this Plan and any other plan maintained by the Employer (both qualified and nonqualified) will be automatically suspended for twelve (12) months after the receipt of the hardship distribution; (C) the distribution is not in excess of the amount of the an immediate and heavy financial need need; and (including amounts necessary to pay any federal, state or local income taxes or penalties reasonably anticipated to result from D) all plans maintained by the distribution); (b) Financial Hardship shall be determined Employer provide that the Participant may not make Elective Deferrals for the Participant's taxable year immediately following the taxable year of the hardship distribution in accordance with Code Section 403(b), and excess of 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 applicable limit under Code Section 213(d), determined without regard to 402(g) for such taxable year less the limitations in Code Section 213(a) (relating to amount of such Participant's Elective Deferrals for the applicable percentage of adjusted gross income and the recipients taxable year 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);hardship distribution. (2iv) 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 A request 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 hardship distribution shall be made in writing and losses, including loss of income, incurred in such form as may be prescribed by the Participant Administrator. Processing of applications and distributions of amounts under this Section, on account of a disaster declared by the Federal Emergency Management Agency (FEMA)bona fide financial hardship, provided that the Participant’s principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disastershall be made as soon as administratively feasible.

Financial Hardship. (aFor purposes of Article 4.01(a)(3) A Financial Hardship distribution may only be made on account of this Agreement, financial hardship is as 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 described 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(bTreasury Regulation 1.401(k)-1(d)(3), and the regulations thereunder, and the Employer’s or Custodian’s hardship policy and procedures, if applicablewhere such Participant lacks other available resources. The following are the only financial Financial needs considered immediate and heavy: (heavy include, but are not limited to, 1) expenses incurred (or necessary to obtain) for medical care that would be deductible under care, described in 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)Employee, the recipient is a Employee’s primary beneficiary under Beneficiary, the Plan (as that term is defined in Treas. Reg. 1 401(k)-1(d)(3)(ii)(C); (Employee’s Spouse or dependents, 2) costs directly related to the purchase (excluding mortgage payments) of a principal residence for the Participant; (Employee, 3) payment of tuition and related educational fees for the next twelve (12) 12 months of post-secondary education for the ParticipantEmployee, the ParticipantEmployee’s spouseprimary Beneficiary, the Employee’s Spouse, children or dependents, or the Participant’s primary beneficiary; (4) payment necessary to prevent the eviction of the Participant Employee from, or a foreclosure on the mortgage of, the ParticipantEmployee’s principal residence; (, 5) payments for funeral or burial expenses for the Participant’s deceased parent, spouseSpouse, primary Beneficiary, child or dependent, or the Participant’s primary beneficiary; (and 6) expenses payment to repair damage to the ParticipantEmployee’s principal residence that would qualify for a casualty loss deduction under Code Section 165 (determined without regard to whether the loss exceeds ten 10 percent (10%) of adjusted gross income; and (7) expenses ). No distributions on account of financial hardship shall exceed the amount determined to be necessary to meet the immediate financial need created by the hardship as described in those same regulations and lossesthe Plan and that cannot be otherwise reasonably accommodated from other resources of the Participant. Any distribution made on account of the Participant’s financial hardship shall be made to the Participant in a single sum payment in cash pursuant to instructions provided in writing or in another form acceptable to the Custodian, including loss and delivered to the Custodian. Hardship distributions described in this Article 4.02 may consist only of incomethe amounts contributed pursuant to the Participant’s salary reduction agreement, incurred excluding the earnings on such contributions. The determination of whether a financial hardship exists shall be made pursuant to the terms of the Plan or by the Participant if the Plan doesn’t contain such terms and not by the Custodian. A Participant who requests a distribution on account of financial hardship shall certify, in a disaster declared by manner acceptable to the Federal Emergency Management Agency (FEMA)Custodian, provided that a financial hardship exists. If the Participant’s principal residence or principal place Participant receives a hardship distribution, they will be prohibited from making any Elective Deferrals for a period of employment at six months from the time date of such distribution. It is the responsibility of the disaster was located in an area designated by FEMA employer or the employer’s delegate to discontinue employee Elective Deferrals for individual assistance with respect a period of six months from the date of such distribution. The Custodian shall have no obligation to monitor or ensure compliance regarding the disasterdiscontinuance of employee Elective Deferrals due to hardship.

Financial Hardship. (ai) If elected by the Employer in item 8(D) of the Adoption Agreement (Profit Sharing Plan), a Participant may elect to withdraw all or any portion of his Elective Deferrals (excluding net earnings credited thereto after December 31, 1988) on account of financial hardship. For purposes of this Section 5.5, a financial hardship shall mean an immediate and heavy financial need of the Participant which cannot be satisfied from other resources reasonably available to such Participant. Hardship withdrawals are subject to the spousal consent requirements of Code Sections 401(a)(11) and 417. (ii) A Financial Hardship distribution may only be withdrawal is made on account of an immediate and heavy financial need of a Participant only if it is made on account of: (A) unreimbursed medical expenses described in Code Section 213(d) of the Participant or the Participant's spouse or dependents (as defined in Code Section 152); (B) the purchase (excluding mortgage payments) of a principal residence for the Participant; (C) payment of tuition for the next term of post- secondary education for the Participant or the Participant's spouse, and where children or dependents; or (D) the distribution is necessary need to satisfy prevent the immediate and heavy financial need. Participant's eviction from, or foreclosure on the mortgage of, the Participant's principal residence or such other events as may be approved by the Commissioner of Internal Revenue in rulings, notices or other published documents. (iii) A Financial Hardship distribution will only be considered as necessary to satisfy an immediate and heavy financial need of the Participant if only if: (A) the Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer; (B) all plans maintained by the Employer provide that the Participant's Elective Deferrals and any other elective contributions or employee contributions under this Plan and any other plan maintained by the Employer (both qualified and nonqualified) will be automatically suspended for twelve (12) months after the receipt of the hardship distribution; (C) the distribution is not in excess of the amount of the an immediate and heavy financial need need; and (including amounts necessary to pay any federal, state or local income taxes or penalties reasonably anticipated to result from D) all plans maintained by the distribution); (b) Financial Hardship shall be determined Employer provide that the Participant may not make Elective Deferrals for the Participant's taxable year immediately following the taxable year of the hardship distribution in accordance with Code Section 403(b), and excess of 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 applicable limit under Code Section 213(d), determined without regard to 402(g) for such taxable year less the limitations in Code Section 213(a) (relating to amount of such Participant's Elective Deferrals for the applicable percentage of adjusted gross income and the recipients taxable year 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);hardship distribution. (2iv) 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 A request 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 hardship distribution shall be made in writing and losses, including loss of income, incurred in such form as may be prescribed by the Participant Administrator. Processing of applications and distributions of amounts under this Section, on account of a disaster declared by the Federal Emergency Management Agency (FEMA)bona fide financial hardship, provided that the Participant’s principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disastershall be made as soon as administratively feasible.