Hardship Withdrawls Sample Clauses

Hardship Withdrawls. An Employee who has a financial hardship, as determined by the Employer, and who has made all available withdrawals pursuant to the paragraph above and pursuant to the provisions of any other plans of the Employer and any related entities of which he is a member and who has obtained all available loans pursuant to the provisions of any other plans of the Employer and any related entities of which he or she is a member may withdraw from his Account an amount not to exceed the lesser of the balance of his Account or the amount determined by the Employer as being available for withdrawal pursuant to this paragraph. For purposes of this paragraph, financial hardship means the immediate and heavy financial needs of the Employee. A withdrawal based upon financial hardship pursuant to this paragraph shall not exceed the amount required to meet the immediate financial need created by the hardship and not reasonably available from other resources of the Employee. The determination of the existence of an Employee's financial hardship and the amount 2 required to be distributed to meet the need created by the hardship shall be made by the Employer. A withdrawal shall be deemed to be made on account of an immediate and heavy financial need of an Employee if the withdrawal is on account of: (1) medical expenses described in Section 213(d) of the Code incurred by the Employee, the Employee's spouse or any dependents of the Employee (as defined in Section 152 of the Code);