Common use of Hardship Distributions Clause in Contracts

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.

Appears in 4 contracts

Samples: 4kmc.com, 4kmc.com, 4kmc.com

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