Common use of Hardship Events Clause in Contracts

Hardship Events. A distribution under the Plan is hereby deemed to be on account of an immediate and heavy financial need of an Employee if the distribution is for one of the following or any other item permitted under Treasury Regulation section 1.401(k)-1(d)(3)(iii)(B): (i) Expenses for (or necessary to obtain) medical care that would be deductible under Code section 213(d) (determined without regard to whether the expenses exceed 7.5 percent of adjusted gross income); (ii) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments); (iii) Payment of tuition, related educational fees, and room and board expenses, for up to the next twelve (12) months of post-secondary education for the Employee, the Employee’s spouse, children, or dependents (as defined in Code section 152, and, for taxable years beginning on or after January 1, 2005, without regard to Code section 152(b)(l), (b)(2), and (d)(l)(B)); (iv) Payments necessary to prevent the eviction of the Employee from the Employee’s principal residence or foreclosure on the mortgage on that residence; (v) Payments for burial or funeral expenses for the Employee’s deceased parent, spouse, children or dependents (as defined in Code section 152, and, for taxable years beginning on or after January 1, 2005, without regard to Code section 152(d)(l)(B)); or (vi) Expenses for the repair of damage to the Employee’s principal residence that would qualify for the casualty deduction under Code section 165 (determined without regard to whether the loss exceeds 10 percent of adjusted gross income).

Hardship Events. A distribution under the Plan is hereby deemed to be on account of an immediate and heavy financial need of an Employee if the distribution is for one of the following or any other item permitted under Treasury Regulation section Section 1.401(k)-1(d)(3)(iii)(B): (ia) Expenses for (or necessary to obtain) medical care that would be deductible under Code section Section 213(d) (determined without regard to whether the expenses exceed 7.5 percent 7.5% of adjusted gross income); (iib) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments); (iiic) Payment of tuition, related educational fees, and room and board expenses, for up to the next twelve (12) months of post-secondary education for the Employee, the Employee’s spouse, children, or dependents (as defined in Code section Section 152, and, for taxable years beginning on or after January 1, 2005, without regard to Code section 152(b)(lSection 152(b)(1), (b)(2), and (d)(l)(Bd)(1)(B)); (ivd) Payments necessary to prevent the eviction of the Employee from the Employee’s principal residence or foreclosure on the mortgage on that residence; (ve) Payments for burial or funeral expenses for the Employee’s deceased parent, spouse, children or dependents (as defined in Code section Section 152, and, for taxable years beginning on or after January 1, 2005, without regard to Code section 152(d)(l)(BSection 152(d)(1)(B)); or (vif) Expenses for the repair of damage to the Employee’s principal residence that would qualify for the casualty deduction under Code section Section 165 (determined without regard to whether the loss exceeds 10 percent 10% of adjusted gross income).

Hardship Events. A distribution under the Plan is hereby deemed to be on account of an immediate and heavy financial need of an Employee if the distribution is for one of the following or any other item permitted under Treasury Regulation section Section 1.401(k)-1(d)(3)(iii)(B): (ia) Expenses for (or necessary to obtain) medical care that would be deductible under Code section Section 213(d) (determined without regard to whether the expenses exceed 7.5 percent 7.5% of adjusted gross income); (iib) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments);): (iiic) Payment of tuition, related educational fees, and room and board expenses, for up to the next twelve (12) months of post-secondary education for the Employee, the Employee’s spouse, children, or dependents (as defined in Code section Section 152, and, for taxable years beginning on or after January 1, 2005, without regard to Code section 152(b)(lSection 152(b)(1), (b)(2), and (d)(l)(B)d)(1)(B); (ivd) Payments necessary to prevent the eviction of the Employee from the Employee’s principal residence or foreclosure on the mortgage on that residence;: (ve) Payments for burial or funeral expenses for the Employee’s deceased parent, spouse, children or dependents (as defined in Code section Section 152, and, for taxable years beginning on or after January 1, 2005, without regard to Code section 152(d)(l)(BSection l52(d)(1)(B)); or (vif) Expenses for the repair of damage to the Employee’s principal residence that would qualify for the casualty deduction under Code section Section 165 (determined without regard to whether the loss exceeds 10 percent 10% of adjusted gross income).