Hardship Withdrawals. Hardship withdrawals, as provided for in paragraph 6.9 of the Basic Plan Document #04, [X] are [ ] are not permitted.
Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts must be consented to by the Participant’s Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If elected in the Adoption Agreement, fully vested profit-sharing contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:
Hardship Withdrawals. In case of financial hardship, a caregiver may request a cash payment of PTO pursuant to the Employer policy and applicable state and federal requirements.
Hardship Withdrawals. If designated by the Employer in the Adoption Agreement, a Member may make a withdrawal of his 401(k) deferrals, Employer qualified nonelective contributions which are treated as elective deferrals, and any earnings credited thereto prior to January 1, 1989, prior to attaining age 59 1/2, provided that the withdrawal is solely on account of an immediate and heavy financial need and is necessary to satisfy such financial need. For the purposes of this Article, the term "immediate and heavy financial need" shall be limited to the need of funds for (i) the payment of medical expenses (described in Section 213(d) of the Code) incurred by the Member, the Member's Spouse, or any of the Member's dependents (as defined in Section 152 of the Code), (ii) the payment of tuition and room and board for the next 12 months of post-secondary education of the Member, the Member's Spouse, the Member's children, or any of the Member's dependents (as defined in Section 152 of the Code), (iii) the purchase (excluding mortgage payments) of a principal residence for the Member, or (iv) the prevention of eviction of the Member from his principal residence or the prevention of foreclosure on the mortgage of the Member's principal residence. For purposes of this Article, a distribution generally may be treated as "necessary to satisfy a financial need" if the Plan Administrator reasonably relies upon the Member's written representation that the need cannot be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by reasonable liquidation of the Member's available assets, to the extent such liquidation would not itself cause an immediate and heavy financial need, (iii) by cessation of Member contributions and/or deferrals pursuant to Article III of the Plan, to the extent such contributions and/or deferrals are permitted by the Employer, or (iv) by other distributions or nontaxable (at the time of the loan) loans from plans maintained by the Employer or by any other employer, or by borrowing from commercial sources on reasonable commercial terms. The amount of any withdrawal pursuant to this Article shall not exceed the amount required to meet the demonstrated financial hardship, including any amounts necessary to pay any federal income taxes and penalties reasonably anticipated to result from the distribution as certified to the Plan Administrator by the Member. Notwithstanding the foregoing, no amounts may be withdrawn on account of hardship pursuant t...
Hardship Withdrawals. Participant withdrawals for hardship prior to termination of employment (check one):
(a) |X| will be allowed in accordance with Section 7.10, subject to a $1,000 minimum amount.
(b) |_| will not be allowed.
Hardship Withdrawals. Hardship withdrawals are available for the Employee under federal law. Employee loans against 401(K) accounts are not available.
Hardship Withdrawals. If so provided by the Employer in Subsection 1.19(a) of the Adoption Agreement, a Participant who continues in employment as an Employee may apply for a hardship withdrawal. Unless provided otherwise in the Service Agreement, the Participant may apply by certifying to the Administrator all of the required criteria specified in this Section. Such certification shall represent that the Participant has documentation substantiating the hardship. Such a hardship withdrawal may include all or any portion of the Accounts specified by the Employer in Subsection 1.19(a)(1) of the Adoption Agreement and Section (c) of the In-Service Withdrawals Addendum to the Adoption Agreement, if applicable, excluding any earnings on the Deferral Contributions Account accrued after the later of December 31, 1988 or the last day of the last Plan Year ending before July 1, 1989. The minimum amount, if any, that a Participant may withdraw because of hardship is the dollar amount specified by the Employer in Subsection 1.19(a) of the Adoption Agreement. For purposes of this Section 10.05, a withdrawal is made on account of hardship if made on account of an immediate and heavy financial need of the Participant where such Participant lacks other available resources. The Administrator shall direct the Trustee with respect to hardship withdrawals and those withdrawals shall be based on the following special rules:
(a) The following are the only financial needs considered immediate and heavy:
(1) expenses incurred or necessary for medical care (that would be deductible under Code Section 213(d), determined without regard to whether the expenses exceed any applicable income limit) of the Participant, the Participant’s Spouse, children, or dependents, or a primary beneficiary of the Participant;
(2) costs directly related to the purchase (excluding mortgage payments) of a principal residence for the Participant;
(3) payment of tuition, related educational fees, and room and board for the next 12 months of post-secondary education for the Participant, the Participant’s Spouse, children or dependents (as defined in Code Section 152, without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) , or a primary beneficiary of the Participant;
(4) payments necessary to prevent the eviction of the Participant from, or a foreclosure on the mortgage on, the Participant’s principal residence;
(5) payments for funeral or burial expenses for the Participant’s deceased parent, Spouse, child, or d...
Hardship Withdrawals. Will Participants be permitted to make hardship withdrawals of that portion of the Participant's Individual Account attributable to the following types of contributions pursuant to Section 6.01(A)(4) of the Plan? Matching Contributions (if made) [X] Yes [ ] No Employer Profit Sharing Contributions [X] Yes [ ] No
Hardship Withdrawals. Prior to age 59½, a Participant may withdraw balances attributable to Elective Deferrals (including Xxxx Elective Deferrals, if applicable) for reason of Hardship only. Safe Harbor Contributions, Qualified Matching Contributions, and Qualified Non-Elective Contributions are not available for Hardship distributions. [ ] 1. Hardship withdrawals are not permitted in the Plan. [x] 2. Hardship withdrawals are permitted in the Plan and will be taken from the Participant’s account as follows (select one or more of these options): [x] a. Participants may withdraw Elective Deferrals. [ ] b. Participants may withdraw Elective Deferrals and any earnings credited as of December 31, 1988 (or if later, the end of the last Plan Year ending before July 1, 1989). [ ] c. Participants may withdraw Xxxx Elective Deferrals. [ ] d. Participants may withdraw Rollover Contributions plus their earnings. [ ] e. Participants may withdraw vested Non-Elective Contributions (Formula 1) plus their earnings. [ ] f. Participants may withdraw vested Non-Elective Contributions (Formula 2) plus their earnings. [ ] g. Participants may withdraw fully vested Non-Elective Contributions (Formula 1) plus their earnings. [ ] h. Participants may withdraw fully vested Non-Elective Contributions (Formula 2) plus their earnings. [ ] i. Participants may withdraw vested Employer Matching Contributions (Formula 1) plus their earnings. [ ] j. Participants may withdraw vested Employer Matching Contributions (Formula 2) plus their earnings. [ ] k. Participants may withdraw Qualified Matching Contributions and Qualified Non-Elective Contributions plus their earnings, and the earnings on Elective Deferrals which have been credited to the Participant’s account as of December 31, 1988 (or if later, the end of the last Plan Year ending before July 1, 1989).
Hardship Withdrawals. Notwithstanding any other provision of this Amendment, the Executive or any of his beneficiaries may withdraw all or a portion of his Account in the event of unforeseeable emergency. For this purpose, unforeseeable emergency means that funds are necessary in light of the immediate and heavy unexpected financial needs of the Executive or beneficiary. Any such withdrawal shall be limited to the amount required (taking into account the net after-tax amount that will be available from such withdrawal) to meet any immediate financial need that is not reasonably available from other sources. All determina tions as to whether, and in what amounts, withdrawals are permitted pursuant to this Section 6 shall be made by the Committee in its sole discretion. Withdrawals shall be paid in cash as soon as practicable following approval of the withdrawal request by the Committee.
