Hardship Withdrawals After December Sample Clauses

Hardship Withdrawals After December. 31, 1988. Subject to Article XXI, and for Plan Years beginning after December 31, 1988, hardship withdrawals shall be limited to Rollover Accounts, Prior Plan Matching Accounts, Prior Plan Employee Accounts, the December 31, 1988 account balance of Qualified Nonelective Contribution Accounts and Qualified Matching Accounts and amounts, exclusive of earnings credited after December 31, 1988, in Employee Accounts. In addition, for Plan Years beginning after December 31, 1988, hardship withdrawals shall be subject to the following guidelines. A Participant who is an Eligible Employee and who is suffering a qualifying financial hardship may apply for a hardship distribution from his or her Accounts by filing a written application for the same with the Committee stating the amount of the distribution requested and the qualifying financial hardship. Such written application shall be accompanied by documentary evidence as required by the Committee. Such application may be approved by the Committee only if the Committee determines that the requested distribution is necessary in light of a financial need of the Participant which is immediate and heavy and is caused by the qualifying financial hardship cited in the application. The amount of the hardship distribution may be approved by the Committee only to the extent that it is necessary to satisfy the immediate and heavy financial need caused by the qualifying financial hardship. An amount will be considered necessary to satisfy the qualifying financial hardship if (i) it does not exceed the amount of the qualifying financial hardship and (ii) cannot be obtained from other distributions and nontaxable loans currently available under the Plan and any other plans maintained by either the Company or the Participant's Employer, including without limitation the loans available under Article XXI of the Plan. In addition, the amount shall not exceed any limit on hardship withdrawals established by the Committee in its discretion to protect the benefits of Participants. The Committee's determination of the existence of immediate and heavy financial need caused by a qualifying financial hardship and the amount required to meet the need created by such hardship shall be made in a uniform and nondiscriminatory manner with respect to all Participants applying for a distribution under this Section. The Committee shall have no duty or obligation to verify or investigate the Participant's representations regarding his immediate ...
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Related to Hardship Withdrawals After December

  • Hardship Withdrawals Hardship withdrawals, as provided for in paragraph 6.9 of the Basic Plan Document #04, [X] are [ ] are not permitted.

  • In-Service Withdrawals If elected in the Adoption Agreement, an Employer may elect to permit a Participant in the Plan to make an in-service withdrawal, subject to any limitation(s) specified in the Adoption Agreement.

  • Plan Withdrawals The Borrower or any member of the Controlled Group as employer under a Multiemployer Plan shall have made a complete or partial withdrawal from such Multiemployer Plan and the plan sponsor of such Multiemployer Plan shall have notified such withdrawing employer that such employer has incurred a withdrawal liability in an annual amount exceeding $1,000,000;

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Permissible Withdrawals The Servicer may make withdrawals from each related Custodial P&I Account solely for the following:

  • Partial Withdrawals At any time any Holder shall be entitled to request a withdrawal of such portion of the Interest held by such Holder as such Holder shall request.

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:

  • Qualified Matching Contributions If selected below, the Employer may make Qualified Matching Contributions for each Plan Year (select all those applicable):

  • Rollover Contributions An amount which qualifies as a rollover contribution pursuant to the Federal Internal Revenue Code may be transferred to and paid under this contract as a contribution for a Participant. Prudential may require proof that the amount paid so qualifies.

  • Catch-Up Contributions Unless otherwise elected in Section 2.4 of this amendment, all employees who are eligible to make elective deferrals under this plan and who have attained age 50 before the close of the plan year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Section 414(v) of the Code. Such catch-up contributions shall not be taken into account for purposes of the provisions of the plan implementing the required limitations of Sections 402(g) and 415 of the Code. The plan shall not be treated as failing to satisfy the provisions of the plan implementing the requirements of Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of the making of such catch-up contributions.

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