Common use of Hardship Withdrawal Clause in Contracts

Hardship Withdrawal. If permitted by the Employer in the Adoption Agreement, a Participant in a profit-sharing plan may request a hardship withdrawal prior to attaining age 59 1/2. If the Participant has not attained age 59 1/2, the Participant may be subject to a federal income tax penalty. Such request shall be in writing to the Employer who shall have sole authority to authorize a hardship withdrawal, pursuant to the rules below. Hardship withdrawals may include Elective Deferrals and any earnings accrued and credited thereon as of the last day of the Plan Year ending before July 1, 1989 and Employer related contributions, including but not limited to Employer Matching Contributions, plus the investment earnings thereon to the extent vested. Qualified Matching Contributions, Qualified Non-Elective Contributions and Elective Deferrals reclassified as Voluntary Contributions, plus the investment earnings thereon are only available for a Hardship Withdrawal prior to age 59 1/2 to the extent that they were credited to the Participant's Account as of the last day of the Plan Year ending prior to July 1, 1989. The Plan Administrator may limit withdrawals to Elective Deferrals and the earnings thereon as stipulated above. Hardship withdrawals are subject to the Spousal consent requirements contained in Code Sections 401(a)(11) and 417. Only the following reasons are valid to obtain hardship withdrawal: (a) medical expenses [within the meaning of Code Section 213(d)] of the Participant, his or her Spouse, children and other dependents, (b) the purchase (excluding mortgage payments) of the principal residence for the Participant, (c) payment of tuition and related educational expenses for the next twelve (12) months of post-secondary education for the Participant, his or her Spouse, children or other dependents, or (d) the need to prevent eviction of the Employee from or a foreclosure on the mortgage of, the Employee's principal residence. Furthermore, for Plans on Adoption Agreements 003 and 006, the following conditions must be met in order for a withdrawal to be authorized: (e) the Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer, (f) all plans maintained by the Employer provide that the Employee's Elective Deferrals and Voluntary Contributions will be suspended for twelve months after the receipt of the Hardship distribution, (g) the distribution is not in excess of the amount of the immediate and heavy financial need [(a) through (d)] above, and (h) all plans maintained by the Employer provide that an Employee may only make Elective Deferrals for the Employee's taxable year immediately following the taxable year of the hardship distribution of the applicable limit under Code Section 402(g) for such taxable year, less the amount of such Employee's pre-tax contributions for the taxable year of the hardship distribution. If a distribution is made from any Plan at a time when a Participant has a nonforfeitable right to less than 100% of the account balance derived from Employer contributions and the Participant may increase the nonforfeitable percentage in the account: (a) A separate account will be established for the Participant's interest in the Plan as of the time of the distribution, and (b) At any relevant time the Participant's nonforfeitable portion of the separate account will be equal to an amount ("X") determined by the formula: X = P [AB + (R X D)] - (R X D)

Hardship Withdrawal. If permitted Unless otherwise specified by the Employer in the Adoption Agreement, a Participant in a profit-sharing plan may not request a hardship Hardship withdrawal prior to attaining age 59 59-1/2. If permitted and the Participant has not attained age 59 59-1/2, the Participant may be subject to a federal income tax penalty. Such request shall be in writing to the Employer who shall have sole authority to authorize a hardship withdrawal, pursuant to the rules below. Hardship withdrawals may include Elective Deferrals regardless of when contributed and any earnings accrued and credited thereon as of the last day of the Plan Year ending before July 1, 1989 and Employer related contributions, contributions including but not limited to Employer Matching Contributions, plus the investment earnings thereon to the extent vested. Qualified Matching Contributions, Qualified Non-Elective Contributions and Elective Deferrals reclassified as Voluntary Contributions, Contributions plus the investment earnings thereon are only available for a Hardship Withdrawal hardship withdrawal prior to age 59 59-1/2 to the extent that they were credited to the Participant's Account as of the last day of the Plan Year ending prior to July 1, 1989. The Plan Administrator may limit withdrawals to Elective Deferrals and the earnings thereon as stipulated above. Hardship withdrawals are subject to the Spousal consent requirements contained in Code Sections 401(a)(11) and 417. Only the following reasons are valid to obtain hardship withdrawal: (a) medical expenses [within the meaning of Code Section 213(d)] ], incurred or necessary for the medical care of the Participant, his or her Spouse, children and other dependents, (b) the purchase (excluding mortgage payments) of the principal residence for the Participant, (c) payment of tuition and related educational expenses for the next twelve (12) months of post-secondary education for the Participant, his or her Spouse, children or other dependents, or (d) the need to prevent eviction of the Employee from or a foreclosure on the mortgage of, the Employee's principal residence. Furthermore, for Plans on Adoption Agreements 003 and 006, the following conditions must be met in order for a withdrawal to be authorized: (e) the Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer, (f) all plans maintained by the Employer Employer, other than flexible benefit plans under Code Section 125 providing for current benefits, provide that the Employee's Elective Deferrals and Voluntary Contributions will be suspended for twelve months after the receipt of the Hardship distribution, (g) the distribution is not in excess of the amount of the immediate and heavy financial need [(a) through (d)] ) above], including amounts necessary to pay any federal, state or local income tax or penalties reasonably anticipated to result from the distribution, and (h) all plans maintained by the Employer provide that an Employee may only not make Elective Deferrals for the Employee's taxable year immediately following the taxable year of the hardship distribution in excess of the applicable limit under Code Section 402(g) for such taxable year, less the amount of such Employee's pre-tax contributions for the taxable year of the hardship distribution. If a distribution is made from any Plan at a time when a Participant has a nonforfeitable right to less than 100% of the account balance derived from Employer contributions and the Participant may increase the nonforfeitable percentage in the account: (ai) A separate account will be established for the Participant's interest in the Plan as of the time of the distribution, and (bj) At any relevant time the Participant's nonforfeitable portion of the separate account will be equal to an amount ("X") determined by the formula: X = P [AB + (R X * D)] - (R X * D)

Hardship Withdrawal. If permitted by the Employer in the Adoption Agreement, a Participant in a profit-sharing plan may request a hardship withdrawal prior to attaining age 59 1/2. If the Participant has not attained age 59 1/2, the Participant may be subject to a federal income tax penalty. Such request shall be in writing to the Employer who shall have sole authority to authorize a hardship withdrawal, pursuant to the rules below. Hardship withdrawals may include Elective Deferrals and any earnings accrued and credited thereon as of the last day of the Plan Year ending before July 1, 1989 and Employer related contributions, including but not limited to Employer Matching Contributions, plus the investment earnings thereon to the extent vested. Qualified Matching Contributions, Qualified Non-Elective Contributions and Elective Deferrals reclassified as Voluntary Contributions, plus the investment earnings thereon are only available for a Hardship Withdrawal prior to age 59 1/2 to the extent that they were credited to the Participant's Account as of the last day of the Plan Year ending prior to July 1, 1989. The Plan Administrator may limit withdrawals to Elective Deferrals and the earnings thereon as stipulated above. Hardship withdrawals are subject to the Spousal consent requirements contained in Code Sections 401(a)(11) and 417. Only the following reasons are valid to obtain hardship withdrawal: (a) medical expenses [within the meaning of Code Section 213(d)] of the Participant, his or her Spouse, children and other dependents, (b) the purchase (excluding mortgage payments) of the principal residence for the Participant, (c) payment of tuition and related educational expenses for the next twelve (12) months of post-secondary education for the Participant, his or her Spouse, children or other dependents, or (d) the need to prevent eviction of the Employee from or a foreclosure on the mortgage of, the Employee's principal residence. Furthermore, for Plans on Adoption Agreements 003 and 006, the following conditions must be met in order for a withdrawal to be authorized: (e) the Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer, (f) all plans maintained by the Employer provide that the Employee's Elective Deferrals and Voluntary Contributions will be suspended for twelve months after the receipt of the Hardship distribution, (g) the distribution is not in excess of the amount of the immediate and heavy financial need [(a) through (d)] above, and (h) all plans maintained by the Employer provide that an Employee may only make Elective Deferrals for the Employee's taxable year immediately following the taxable year of the hardship distribution of the applicable limit under Code Section 402(g) for such taxable year, less the amount of such Employee's pre-tax contributions for the taxable year of the hardship distribution. If a distribution is made from any Plan at a time when a Participant has a nonforfeitable right to less than 100% of the account balance derived from Employer contributions and the Participant may increase the nonforfeitable percentage in the account: (a) A separate account will be established for the Participant's interest in the Plan as of the time of the distribution, and (b) At any relevant time the Participant's nonforfeitable portion of the separate account will be equal to an amount ("X") determined by the formula: X = P [AB + (R X D)] - (R X D)

Hardship Withdrawal. If permitted Unless otherwise specified by the Employer in the Adoption Agreement, a Participant in a profit-sharing plan may not request a hardship Hardship withdrawal prior to attaining age 59 1/2591/2. If permitted and the Participant has not attained age 59 1/2591/2, the Participant may be subject to a federal income tax penalty. Such request shall be in writing to the Employer who shall have sole authority to authorize a hardship withdrawal, pursuant to the rules below. Hardship withdrawals may include Elective Deferrals regardless of when contributed and any earnings accrued and credited thereon as of the last day of the Plan Year ending before July 1, 1989 and Employer related contributions, contributions including but not limited to Employer Matching Contributions, plus the investment earnings thereon to the extent vested. Qualified Matching Contributions, Qualified Non-Elective Contributions and Elective Deferrals reclassified as Voluntary Contributions, Contributions plus the investment earnings thereon are only available for a Hardship Withdrawal hardship withdrawal prior to age 59 1/2 591/2 to the extent that they were credited to the Participant's Account as of the last day of the Plan Year ending prior to July 1, 1989. The Plan Administrator may limit withdrawals to Elective Deferrals and the earnings thereon as stipulated above. Hardship withdrawals are subject to the Spousal consent requirements contained in Code Sections 401(a)(11) and 417. Only the following reasons are valid to obtain hardship withdrawal: (a) medical expenses [within the meaning of Code Section 213(d)] ], incurred or necessary for the medical care of the Participant, his or her Spouse, children and other dependents, (b) the purchase (excluding mortgage payments) of the principal residence for the Participant, (c) payment of tuition and related educational expenses for the next twelve (12) months of post-secondary education for the Participant, his or her Spouse, children or other dependents, or (d) the need to prevent eviction of the Employee from or a foreclosure on the mortgage of, the Employee's principal residence. Furthermore, for Plans on Adoption Agreements 003 and 006, the following conditions must be met in order for a withdrawal to be authorized: (e) the Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer, (f) all plans maintained by the Employer Employer, other than flexible benefit plans under Code Section 125 providing for current benefits, provide that the Employee's Elective Deferrals and Voluntary Contributions will be suspended for twelve months after the receipt of the Hardship distribution, (g) the distribution is not in excess of the amount of the immediate and heavy financial need [(a) through (d)] ) above], including amounts necessary to pay any federal, state or local income tax or penalties reasonably anticipated to result from the distribution, and (h) all plans maintained by the Employer provide that an Employee may only not make Elective Deferrals for the Employee's taxable year immediately following the taxable year of the hardship distribution in excess of the applicable limit under Code Section 402(g) for such taxable year, less the amount of such Employee's pre-tax contributions for the taxable year of the hardship distribution. If a distribution is made from any Plan at a time when a Participant has a nonforfeitable right to less than 100% of the account balance derived from Employer contributions and the Participant may increase the nonforfeitable percentage in the account: (ai) A separate account will be established for the Participant's interest in the Plan as of the time of the distribution, and (bj) At any relevant time the Participant's nonforfeitable portion of the separate account will be equal to an amount ("X") determined by the formula: X = P [AB + (R X × D)] - (R X × D)) For purposes of applying the formula: "P" is the nonforfeitable percentage at the relevant time, "AB" is the account balance at the relevant time, "D" is the amount of the distribution and "R" is the ratio of the account balance at the relevant time to the account balance after distribution.

Hardship Withdrawal. If permitted by the Trustee/Custodian and the Employer in the Adoption Agreement, a Participant in a profit-sharing plan may request a hardship Hardship withdrawal prior to attaining age 59 59-1/2. If the Participant has not attained age 59 59-1/2, the Participant may be subject to a federal income tax penalty. Such request shall be in writing to the Employer who shall have sole authority to authorize a hardship withdrawal, pursuant to the rules below. Hardship withdrawals may include Elective Deferrals regardless of when contributed and any earnings accrued and credited thereon as of the last day of the Plan Year ending before July 1, 1989 and Employer related contributions, including but not limited to Employer Matching Contributions, contributions plus the investment earnings thereon to the extent vested. Qualified Matching Contributions, Qualified Non-Elective Contributions and Elective Deferrals reclassified as Voluntary Contributions, Contributions plus the investment earnings thereon are only available for a Hardship Withdrawal hardship withdrawal prior to age 59 59-1/2 to the extent that they were credited to the Participant's Account as of the last day of the Plan Year ending prior to July 1, 1989. The Plan Administrator may limit withdrawals to Elective Deferrals and the earnings thereon as stipulated above. Hardship withdrawals are subject to the Spousal consent requirements contained in Code Sections 401(a)(11) and 417. Only the following reasons are valid to obtain hardship withdrawal: (a) medical expenses [within the meaning of Code Section 213(d)] ], incurred or necessary for the medical care of the Participant, his or her Spouse, children and other dependents, (b) the purchase (excluding mortgage payments) of the principal residence for the Participant, (c) payment of tuition and related educational expenses for the next twelve (12) months of post-secondary education for the Participant, his or her Spouse, children or other dependents, or (d) the need to prevent eviction of the Employee from or a foreclosure on the mortgage of, the Employee's principal residence. Furthermore, for Plans on Adoption Agreements 003 and 006, the following conditions must be met in order for a withdrawal to be authorized: (e) the Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer, (f) all plans maintained by the Employer Employer, other than flexible benefit plans under Code Section 125 providing for current benefits, provide that the Employee's Elective Deferrals and Voluntary Contributions will be suspended for twelve months after the receipt of the Hardship distribution, (g) the distribution is not in excess of the amount of the immediate and heavy financial need [(a) through (d)] ) above], including amounts necessary to pay any federal, state or local income tax or penalties reasonably anticipated to result from the distribution, and (h) all plans maintained by the Employer provide that an Employee may only not make Elective Deferrals for the Employee's taxable year immediately following the taxable year of the hardship distribution in excess of the applicable limit under Code Section 402(g) for such taxable year, less the amount of such Employee's pre-tax contributions for the taxable year of the hardship distribution. If a distribution is made from any Plan at a time when a Participant has a nonforfeitable right to less than 100% of the account balance derived from Employer contributions and the Participant may increase the nonforfeitable percentage in the account: (a) A separate account will be established for the Participant's interest in the Plan as of the time of the distribution, and (b) At any relevant time the Participant's nonforfeitable portion of the separate account will be equal to an amount ("X") determined by the formula: X = P [AB + (R X D)] - (R -(R X D)

Hardship Withdrawal. If permitted Unless otherwise specified by the Employer in the Adoption Agreement, a Participant in a profit-sharing plan may not request a hardship withdrawal prior to attaining age 59 59-1/2. If permitted and the Participant has not attained age 59 59-1/2, the Participant may be subject to a federal Federal income tax penalty. Such request shall be in writing to the Employer Employer, who shall have sole authority to authorize a hardship withdrawal, pursuant to the rules below. Hardship withdrawals may include Elective Deferrals Deferrals, regardless of when contributed, and any earnings accrued and credited thereon as of the last day of the Plan Year ending before July 1, 1989 1989, and Employer Employer-related contributions, contributions including but not limited to Employer Matching Contributions, plus the investment earnings thereon to the extent vested. Qualified Matching Contributions, Qualified Non-Elective Contributions and Elective Deferrals reclassified as Voluntary Contributions, Contributions plus the investment earnings thereon are only available for a Hardship Withdrawal hardship withdrawal prior to age 59 59-1/2 to the extent that they were credited to the Participant's Account as of the last day of the Plan Year ending prior to July 1, 1989. The Plan Administrator may limit withdrawals to Elective Deferrals and the earnings thereon as stipulated above. Hardship withdrawals are subject to the Spousal consent requirements contained in Code Sections 401(a)(11) and 417. Only the following reasons are valid to obtain hardship withdrawal: (aA) medical Medical expenses [within the meaning of Code Section 213(d)] incurred or necessary for the medical care of the Participant, his or her Spouse, children and other dependents,; (bB) the The purchase (excluding mortgage payments) of the principal residence for the Participant,; (cC) payment Payment of tuition and related educational expenses for the next twelve (12) months of post-secondary education for the Participant, his or her Spouse, children or other dependents, ; or (dD) the The need to prevent eviction of the Employee from or a foreclosure on the mortgage of, of the Employee's principal residence. Furthermore, for Plans on Adoption Agreements 003 and 006, the following conditions must be met in order for a withdrawal to be authorized: (eE) the The Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer,; (fF) all All plans maintained by the Employer Employer, other than flexible benefit plans under Code Section 125 providing for current benefits, provide that the Employee's Elective Deferrals and Voluntary Contributions will be suspended for twelve months after the receipt of the Hardship hardship distribution,; (gG) the The distribution is not in excess of the amount of the immediate and heavy financial need [(a) through (d)] ) above], including amounts necessary to pay any Federal, State or local income tax or penalties reasonably anticipated to result from the distribution; and (hH) all All plans maintained by the Employer provide that an Employee may only not make Elective Deferrals for the Employee's taxable year immediately following the taxable year of the hardship distribution in excess of the applicable limit under Code Section 402(g) for such taxable year, less the amount of such Employee's pre-tax contributions for the taxable year of the hardship distribution. If a distribution is made from any Plan at a time when a Participant has a nonforfeitable right to less than 100% of the account balance derived from Employer contributions and the Participant may increase the nonforfeitable percentage in the account: (aI) A separate account will be established for the Participant's interest in the Plan as of the time of the distribution, and (bJ) At any relevant time the Participant's nonforfeitable portion of the separate account will be equal to an amount ("X") determined by the formula: X = P [AB + (R X D)] - (R X D)

Hardship Withdrawal. If permitted Unless otherwise specified by the Employer in the Adoption Agreement, a Participant in a profit-sharing plan may not request a hardship Hardship withdrawal prior to attaining age 59 59-1/2. If permitted and the Participant has not attained age 59 59-1/2, the Participant may be subject to a federal income tax penalty. Such request shall be in writing to the Employer who shall have sole authority to authorize a hardship withdrawal, pursuant to the rules below. Hardship withdrawals may include Elective Deferrals regardless of when contributed and any earnings accrued and credited thereon as of the last day of the Plan Year ending before July 1, 1989 and Employer related contributions, contributions including but not limited to Employer Matching Contributions, plus the investment earnings thereon to the extent vested. Qualified Matching Contributions, Qualified Non-Elective Contributions and Elective Deferrals reclassified as Voluntary Contributions, Contributions plus the investment earnings thereon are only available for a Hardship Withdrawal hardship withdrawal prior to age 59 59-1/2 to the extent that they were credited to the Participant's Account as of the last day of the Plan Year ending prior to July 1, 1989. The Plan Administrator may limit withdrawals to Elective Deferrals and the earnings thereon as stipulated above. Hardship withdrawals are subject to the Spousal consent requirements contained in Code Sections 401(a)(11) and 417. Only the following reasons are valid to obtain hardship withdrawal: (a) medical expenses [within the meaning of Code Section 213(d)] ], incurred or necessary for the medical care of the Participant, his or her Spouse, children and other dependents, (b) the purchase (excluding mortgage payments) of the principal residence for the Participant, (c) payment of tuition and related educational expenses for the next twelve (12) months of post-secondary education for the Participant, his or her Spouse, children or other dependents, or (d) the need to prevent eviction of the Employee from or a foreclosure on the mortgage of, the Employee's principal residence. Furthermore, for Plans on Adoption Agreements 003 and 006, the following conditions must be met in order for a withdrawal to be authorized: (e) the Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer, (f) all plans maintained by the Employer Employer, other than flexible benefit plans under Code Section 125 providing for current benefits, provide that the Employee's Elective Deferrals and Voluntary Contributions will be suspended for twelve months after the receipt of the Hardship distribution, (g) the distribution is not in excess of the amount of the immediate and heavy financial need [(a) through (d)] ) above], including amounts necessary to pay any federal, state or local income tax or penalties reasonably anticipated to result from the distribution, and (h) all plans maintained by the Employer provide that an Employee may only not make Elective Deferrals for the Employee's taxable year immediately following the taxable year of the hardship distribution in excess of the applicable limit under Code Section 402(g) for such taxable year, less the amount of such Employee's pre-tax contributions for the taxable year of the hardship distribution. If a distribution is made from any Plan at a time when a Participant has a nonforfeitable right to less than 100% of the account balance derived from Employer contributions and the Participant may increase the nonforfeitable percentage in the account: (ai) A separate account will be established for the Participant's interest in the Plan as of the time of the distribution, and (bj) At any relevant time the Participant's nonforfeitable portion of the separate account will be equal to an amount ("X") determined by the formula: X = P [AB + (R X D)] - (R X D)