Hardship Withdrawals on Behalf of Primary Beneficiaries Sample Clauses

Hardship Withdrawals on Behalf of Primary Beneficiaries. Hardship withdrawals shall NOT be allowed to be taken on behalf of the primary beneficiary as permitted by Section 826 of the Pension Protection Act of 2006. (If this option is chosen such withdrawal shall NOT be allowed as penmitted under the terms of the Basic Plan Document #1). TAX EXEMPT AND OOV£RN/.\!';NT ENTITIES DIVISION DEPARTMENT OF THE TREASURY INTERNAL REVENUE SERVICE WASHINGTON, D.C. 20224 Plan oe"cripUon= Proto ype tl'on-stdmlardhed Profit Sh;>ring Phn <ith COD/\ Ff'J: 3llJe2el901 010 C<>.'"' 200610329 £!11: ll-Jb890H BPD: 01 Pl n: 010 Letter Serial No= Ml87 69a Date of SubmHBion: Ol/ll/2006 DIV£RStFIE:D lliVESTME!!TS 1\.DV:i:SORS WC 4 HA11l!ATT.WVrtJ..E ROAD PURCHASE, NY 10577 Dcolr 1\pplicanc= Conto1<=t l'ernon: Xxxxxx Xxxxx/Xxxxxxx Xxxxx 513-263-l602/5ll-26l-l584 !n Rererence To: T£0!l::I:P:752l Date< 03/ll/2006 rn our opinion, the form of the plan identHi"d above h acceptable under eec:tion 401 of th Internal Revenue Cod" for uBe by e<t'.ployerB for the benefit of their employees. Thto opinion relate" only to the accepti>biUty of the !onn o the plJn under the Internal Revenue Code. It ill not an opinion of the effect of other Pederal or local ntatut<m. You muut furnlnh a copy of thio letter, a copy of the approved plan, and copie9 of any nubnequent aou:ndmenta to each er..ployer who adopts this plan. Thin letter conuideru the changen in qualUication requirements contained in the 2004 CUmulative Liue of 1/oUcco 2004-84, 2004·2 c.s. 1olo. Our opinion on the acceptability of the form of the plan ia not a ruling or determination "" to whether an employer'n plan qualifie.!l under Code nection 40l(a). However, an employer that adoptn thin plan may rely on this letter with renpect to the qualification of its plan under Code oection 401(a), au provided for in Rev. Proc. 2005·16, 2005·1 c. B. 674 and outlined below. Pleaae revie"' Announcement 2009·23 l.R.B. :<008-H to determine the Hema neceoaary for filing An applicAtion !or a determination letter H one h r quird tor reliance, or is ctherwiue deuired. The t r.-_, of the plan muot be !ollowd in operation. Clenero>lly, the employer ""'Y requ ot a d t rminilticn letter by filing an application "'ith l:tnployee Plans DetcrtrJinationo on !"OrtrJ 5107, 1\pplication !or Determination for Jldcpterl! of t'IO.Ater or Prototype or Volun:e Submitter Phn•.
Sample 1
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Hardship Withdrawals on Behalf of Primary Beneficiaries. Hardship withdrawals shall NOT be allowed to be taken on behalf of the primary beneficiary as permitted by Section 826 of the Pension Protection Act of 2006. (If this option is NOT chosen such withdrawal shall be allowed as permitted under the terms of the Basic Plan Document). 42 Cycle D EGTRRA 401(k) AA 4-27-09 This Schedule should be used to identify provisions in the Basic Plan Document that have been modified to accommodate unique provisions of the Plan. 43 Cycle D EGTRRA 401(k) AA 4-27-09 ARTICLE I 1 DEFINITIONS 1 1.1 Actual Contribution Percentage (ACP) 1 1.2 Actual Deferral Percentage (ADP) 1 1.3 Adoption Agreement 2 1.4 Allocation Date(s) 2 1.5 Annual Additions 2 1.6 Annuity Starting Date 2 1.7 Applicable Calendar Year 3
Sample 1
Hardship Withdrawals on Behalf of Primary Beneficiaries. Hardship withdrawals shall NOT be allowed to be taken on behalf of the primary beneficiary as permitted by Section 826 of the Pension Protection Act of 2006. (If this option is NOT chosen such withdrawal shall be allowed as permitted under the terms of the Basic Plan Document). This Schedule should be used to identify provisions in the Basic Plan Document that have been modified to accommodate unique provisions of the Plan.
Sample 1

Related to Hardship Withdrawals on Behalf of Primary Beneficiaries

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

  • Designation of Beneficiaries The Executive may designate any person to receive any benefits payable under the Agreement upon the Executive’s death, and the designation may be changed from time to time by the Executive by filing a new designation. Each designation will revoke all prior designations by the Executive, shall be in the form prescribed by the Administrator and shall be effective only when filed in writing with the Administrator during the Executive’s lifetime. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Administrator, executed by the Executive’s spouse and returned to the Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved.

  • How do the RMD Rules Impact my Designated Beneficiary or Beneficiaries The RMD rules provide for the determination of your designated beneficiary or beneficiaries as of September 30 of the year following your death. Consequently, any beneficiary may be eliminated for purposes of calculating the RMD by the distribution of that beneficiary’s benefit, through a valid disclaimer between your death and the end of September following the year of your death, or by dividing your IRA account into separate accounts for each of several designated beneficiaries you may have designated.

  • 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.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Payments to Plan Participants and Their Beneficiaries (a) Company shall deliver to Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in accordance with such Payment Schedule. The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Company. (b) The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by Company or such party as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan. (c) Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due. Trustee shall notify Company where principal and earnings are not sufficient.

  • Rollover Contributions and Transfers The Custodian shall have the right to receive rollover contributions and to receive direct transfers from other custodians or trustees. All contributions must be made in cash or check.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • Unforeseeable Emergency In the event of a Participant’s Unforeseeable Emergency, such Participant may request an emergency withdrawal from his or her Account. Any such request shall be subject to the approval of the Administrator, which approval shall not be granted to the extent that such need may be relieved (i) through reimbursement or compensation by insurance or otherwise or (ii) by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). A Participant may withdraw all or a portion of his or her Account due to an Unforeseeable Emergency; provided, however, that the withdrawal shall not exceed the amount reasonably needed to satisfy the need created by the Unforeseeable Emergency.

  • Multiple Individual Retirement Accounts In the event the depositor maintains more than one Individual Retirement Account (as defined in Section 408(a)) and elects to satisfy his or her minimum distribution requirements described in Article IV above by making a distribution from another individual retirement account in accordance with Item 6 thereof, the depositor shall be deemed to have elected to calculate the amount of his or her minimum distribution under this custodial account in the same manner as under the Individual Retirement Account from which the distribution is made.

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