HARDSHIP DISTRIBUTIONS. 5.9.1 Effective January 1, 1989, if available and elected by the Employer in the Adoption Agreement, a Participant may request a distribution due to hardship from the vested portion of his or her Accounts, (other than from his or her Qualified Nonelective Contributions Account, Qualified Matching Contributions Account or earnings accrued after December 31, 1988, on the Participant's Elective Deferrals) only if the distribution is made both due to an immediate and heavy financial need of the Participant and is necessary to satisfy such financial need.
5.9.2 A hardship distribution shall be permitted only if the distribution is due to:
(A) expenses incurred or necessary for medical care described in Code Section 213(d) incurred by the Participant, the Participant's Spouse, or any dependents of the Participant (as defined in Code Section 152);
(B) purchase (excluding mortgage payments) of a principal residence for the Participant;
(C) payment of tuition and related educational fees for the next 12 months of post-secondary education for the Participant, his or her Spouse, children or dependents;
(D) the need to prevent the eviction of the Participant from his or her principal residence or foreclosure on the mortgage of the Participant's principal residence; or
(E) any other condition or event which the Commissioner of the Internal Revenue Service determines is a deemed immediate and financial need.
5.9.3 A distribution will be considered necessary to satisfy an immediate and heavy financial need of a Participant if all of the following requirements are satisfied:
(A) the distribution will not be in excess of the amount of the immediate and heavy financial need of the Participant (including amounts necessary to pay any Federal, state or local income taxes or penalties reasonably anticipated to result from the distribution);
(B) the Participant obtains all distributions, other than hardship distributions, and all nontaxable loans currently available under all plans maintained by the Employer or an Affiliate;
(C) the Participant's Elective Deferrals, Employee Thrift Contributions and Participant Voluntary Nondeductible Contributions will be suspended for at least 12 months after receipt of the hardship distribution in this Plan and in all other plans maintained by the Employer or an Affiliate; and
(D) the Participant may not make Elective Deferrals for the Participant's taxable year immediately following the taxable year of the hardship distribution in excess of ...
HARDSHIP DISTRIBUTIONS. Reduction of Section 402(g) of the Code following hardship distribution. If the plan provides for hardship distributions upon satisfaction of the safe harbor (deemed) standards as set forth in Treas. Reg. Section 1.401(k)-1(d)(2)(iv), then effective as of the date the elective deferral suspension period is reduced from 12 months to 6 months pursuant to EGTRRA, there shall be no reduction in the maximum amount of elective deferrals that a Participant may make pursuant to Section 402(g) of the Code solely because of a hardship distribution made by this plan or any other plan of the Employer.
HARDSHIP DISTRIBUTIONS. (Plan Sections 6.12 and/or 12.10) (may not be selected if this is a Money Purchase Pension Plan)
a. [ ] Hardship distributions are NOT permitted (skip to Question 38).
b. [X] Hardship distributions are permitted from the following Participant Accounts:
1. [ ] all Accounts
2. [X] only from the following Accounts (select one or more):
a. [X] Pre-Tax Elective Deferral Account (may only be selected with 401(k) Plans)
b. [X] Xxxx Elective Deferral Account (may only be selected with 401(k) Plans)
c. [ ] Account(s) attributable to Employer matching contributions (may only be selected with 401(k) Plans)
d. [ ] Account attributable to Employer Nonelective Contributions
e. [X] Rollover Account (if not available at any time under Question 43)
f. [ ] Transfer Account (other than amounts attributable to a money purchase pension plan)
g. [ ] Other: (specify Account(s) and conditions in a manner that is definitely determinable and not subject to Employer discretion)
3. [ ] N/A (no additional limitations)
4. [X] Additional limitations (select one or more):
a. [ ] The minimum amount of a distribution is $ (may not exceed $1,000).
b. [ ] No more than distribution(s) may be made to a Participant during a Plan Year.
c. [ ] Distributions may only be made from Accounts which are fully Vested.
d. [X] A Participant does not include a Former Employee at the time of the hardship distribution.
e. [ ] Hardship distributions from the Xxxx Elective Deferral Account may only be made if the distribution is a "qualified distribution." (may only be selected with 401(k) Plans)
f. [ ] Hardship distributions may be made subject to the following provisions:
HARDSHIP DISTRIBUTIONS. Hardship distributions are: [X] (1) permitted and shall be made from the vested portion of a Participant's Accounts (other than his or her Qualified Nonelective Contributions Account, Qualified Matching Contributions Account, QVEC Account, earnings accrued after December 31, 1988 on the Participant's Pre-Tax Contributions, or Safe Harbor Contributions under Section 3.16) as provided in Section 5.9.1. [ ] (2) not permitted.
HARDSHIP DISTRIBUTIONS. Distributions based on hardship.
HARDSHIP DISTRIBUTIONS. Effective January 1, 1989, if available and elected by the Employer in the Adoption Agreement, a Participant may request a distribution due to hardship from the vested portion of his or her Accounts, (other than from his or her Qualified Nonelective Contributions Account, Qualified Matching Contributions Account or earnings accrued after December 31, 1988, on the Participant's Elective Deferrals) only if the distribution is made both due to an immediate and heavy financial need of the Participant and is necessary to satisfy such financial need.
HARDSHIP DISTRIBUTIONS. Unless elected below, the hardship distribution provisions of the Plan do not apply with respect to primary beneficiaries. See Section C-2.01(c)
HARDSHIP DISTRIBUTIONS. The Participant who encounters financial Hardship shall be entitled to a distribution from the Participant Account in the form of a single payment of an amount not in excess of the Contributions made to the Participant Account pursuant to a Salary Reduction Agreement (but no earnings thereon) if not prohibited by the Plan or any applicable law or regulation. This amount will be distributed to the Participant upon receipt of written notice from the Participant of the reasons for the hardship and certification from the Employer or the TPA for the Plan that the requirements for a Hardship distribution under the Code have been met. The Employer or TPA will instruct the Custodian to make the Hardship distribution to the Participant.
HARDSHIP DISTRIBUTIONS. An Employee may not have Elective Contributions made on his or her behalf for the taxable year following the taxable year of a hardship distribution in excess of the applicable limit under Section 402(g) of the Code for such taxable year less the amount of the Employee's Elective Deferrals for the taxable year of the hardship distribution.
HARDSHIP DISTRIBUTIONS. Section 2.5.5 provides that an Employer may permit distributions to Participants while employed in the event of financial hardship as specified in the Plan:
a. Hardship distributions are permitted.
