Immediate and Heavy Financial Hardship Sample Clauses

Immediate and Heavy Financial Hardship. Whether a Participant has an immediate and heavy financial need is to be determined solely by the Plan Administrator based on all the relevant facts and circumstances. The following circumstances have been deemed pursuant to Treas. Reg. 1.401(k)-1(d)(3)(iii)(B) to constitute an immediate and heavy financial hardship of the Participant: (1) the payment of tuition, related educational fees, and room and board expenses for the next 12 months of post- secondary education for the Participant, his or her spouse, child, or dependent (as defined in Code Section 152 without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B)); (2) medical expenses that would otherwise be deductible by the Participant for federal income tax purposes pursuant to Code Section 213 and that are incurred by the Participant, the spouse, or any dependent of the Participant or a distribution necessary for such a person to obtain medical care described in Code Section 213(d) (determined without regard to whether the expenses exceed 7.5% of the Participant’s “adjusted gross income”); (3) the purchase (excluding mortgage payments) of the Participant’s principal residence; (4) the need to prevent the eviction of the Participant from his principal residence or foreclosure on the mortgage of the Participant’s principal residence; (5) payments for burial or funeral expenses for the Participant’s deceased parent, spouse, children, or dependents (as defined in Code Section 152 without regard to Code Section 152(d)(1)(B)); (6) expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under Code Section 165 (determined without regard to whether the loss exceeds 10% of the Participant’s “adjusted gross income”); (7) payment of expenses described in Sections 6.2(b)(1), (2), and (5) incurred on behalf of the Participant’s named Beneficiar(ies) under the Plan; and (8) any other expense that is deemed to be an immediate and heavy financial need by the Internal Revenue Service.

Immediate and Heavy Financial Hardship. Whether a Participant has an immediate and heavy financial need is to be determined solely by the Plan Administrator based on all the relevant facts and circumstances. The following circumstances have been deemed pursuant to Treas. Reg. 1.401(k)-1(d)(3)(iii)(B) to constitute an immediate and heavy financial hardship of the Participant: (i. the payment of tuition, related educational fees, and room and board expenses for the next 12 months of post- secondary education for the Participant, his or her spouse, child, or dependent (as defined in Code Section 152 without regard to Code Sections 152(b)(1), (b)(2), and (d)(1)(B));