Hardship Defined. A hardship is a medical, financial, marital, or safety-threatening situation causing specific loss or suffering to an employee or the employee's spouse, children, parents, or spouse’s parents. This provision includes stepchildren and stepparents.
Hardship Defined. Any such distribution shall be made only if, and the amount of such distribution shall be limited to the extent that, the Participant demonstrates that he is suffering from "hardship," as that term is defined in proposed or final regulations (whichever are applicable) promulgated pursuant to Code Section 401(k), or such other standard as may from time to time be established or authorized by the Secretary of the Treasury or his delegate for the purpose of determining the circumstances under and the extent to which elective contributions to a cash or deferred profit-sharing plan may be withdrawn on account of hardship without adverse effect upon such a plan's continued qualification. Any determination of the existence of hardship and the amount to be distributed on account thereof shall be made by the Administrator (Or such other person as may be required to make such decisions under the applicable regulations described above) in accordance with the foregoing rule as applied in a uniform and non-discriminatory manner.
Hardship Defined. Any such distribution shall be made only if, and the amount of such distribution shall be limited to the extent that, the Participant demonstrates that he or she is suffering from "hardship." A Participant shall be considered to be suffering from "hardship" only if the distribution is both made on account of an immediate and heavy financial need of the Participant and is necessary to satisfy such financial need, determined in accordance with objective, nondiscretionary standards as set forth in this Section.
(a) An "immediate and heavy financial need" shall be deemed to include, and shall be limited to, the following:
(i) Medical expenses described in Code Section 213(d) incurred by the Participant, his or her Spouse, or any dependents of the Participant (as defined in Code Section 152);
(ii) Purchase (excluding mortgage payments) of a principal residence for the Participant; (iii) Payment of tuition for the next semester or quarter of post-secondary education for the Participant, his or her spouse, children, or dependents; or
Hardship Defined is a medical, financial, marital, or safety-threatening situation
