How to Apply for a Hardship Withdrawal Sample Clauses

How to Apply for a Hardship Withdrawal. Before making an application for a hardship withdrawal, carefully read this Appendix. If you have any questions, such as the amount of your interest in the Plan which is available for a hardship withdrawal, you may call the Human Resources Department. If you believe that you qualify for a hardship withdrawal and have attempted to obtain funds from other sources as described above in paragraph 3, you may file a written application with the Committee. In your application, explain in your own words what your immediate and heavy financial need is, the amount of money required to meet that need and explain how you have attempted to obtain the funds from other sources (including each of those listed in paragraph 3) and have been unable to do so. If you are married, your husband or wife must consent to the hardship withdrawal on a form which you may obtain from the Human Resources Department and your husband or wife's signature must be witnessed by a notary public not employed by the Employer. When the Committee has received all necessary information, it will consider your application in an objective and nondiscriminatory manner under the rules of this Appendix, the Plan and applicable law and regulations. You will then be notified whether you qualify for a hardship distribution and the amount of that distribution. The Committee's decision is final. 6. Making a Hardship Withdrawal Will Affect Your Participation in the Plan. If you make a hardship withdrawal, you will be suspended from making before-tax (compensation deferral) contributions to the Plan for 12 months after you receive the withdrawal. The Plan provides that your before-tax contributions for each of your taxable years (normally the calendar year) are limited to $7,000, or a higher amount permitted by regulations issued by the Internal Revenue Service. For your taxable year following the year you receive a hardship withdrawal, the $7,000 (or higher) limit for contributions to the Plan is further reduced by the amount of your before-tax contributions during the year you made the hardship withdrawal Appendix C to California Water Service Company Savings Plan and Trust Agreement (1994 Revision) Top-Heavy Provisions
Sample 1
AutoNDA by SimpleDocs

Related to How to Apply for a Hardship Withdrawal

  • 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.

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

  • 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.

  • PARTICIPANT ELECTIONS AFTER SEPARATION FROM SERVICE A Participant who is eligible to make distribution elections under Section 6.03 of the Plan may elect to commence distribution of his Nonforfeitable Accrued Benefit: (Choose at least one of (a) through (c))

  • Death After Separation from Service But Before Benefit Distributions Commence If the Executive is entitled to benefit distributions under this Agreement, but dies prior to the commencement of said benefit distributions, the Bank shall distribute to the Beneficiary the same benefits that the Executive was entitled to prior to death except that the benefit distributions shall commence within thirty (30) days following receipt by the Bank of the Executive’s death certificate.

  • Distribution Upon Withdrawal No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Interest in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as specifically provided in this Agreement.

  • DEFERRAL CONTRIBUTIONS The Advisory Committee will allocate to each Participant's Deferral Contributions Account the amount of Deferral Contributions the Employer makes to the Trust on behalf of the Participant. The Advisory Committee will make this allocation as of the last day of each Plan Year unless, in Adoption Agreement Section 3.04, the Employer elects more frequent allocation dates for salary reduction contributions.

  • Code Section 83(b) Election The Participant shall be permitted to make an election under Code Section 83(b), to include an amount in income in respect of the Award of Restricted Stock in accordance with the requirements of Code Section 83(b).

  • Elective Deferrals An Employee will be eligible to become a Contributing Participant in the Plan (and thus be eligible to make Elective Deferrals) and receive Matching Contributions (including Qualified Matching Contributions, if applicable) after completing 1 (enter 0, 1 or any fraction less than 1) Years of Eligibility Service.

  • 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.

Time is Money Join Law Insider Premium to draft better contracts faster.