Immediate and Heavy Financial Need. The determination of whether an immediate and heavy financial need exists shall be made by the Committee in a uniform and nondiscriminatory manner. The criteria may include the events described in Section 4.9(c) of this plan.
Immediate and Heavy Financial Need. To be considered an immediate and heavy financial need, the Hardship distribution must be made on account of one of the following events:
(i) the incurrence of medical expenses (as described in §213(d) of the Code), of the Participant, the Participant’s spouse or dependents;
(ii) the purchase (excluding mortgage payments) of a principal residence for the Participant;
(iii) payment of tuition and related educational fees (including room and board) for the next 12 months of post-secondary education for the Participant, the Participant’s spouse, children or dependents;
(iv) to prevent the eviction of the Participant from, or a foreclosure on the mortgage of, the Participant’s principal residence; or
(v) any other event that the IRS recognizes as a safe harbor Hardship distribution event under ruling, notice or other guidance of general applicability. A Participant must provide the Plan Administrator with a written request for a Hardship distribution. The Plan Administrator may require written documentation, as it deems necessary, to sufficiently document the existence of a proper Hardship event.
Immediate and Heavy Financial Need. A hardship distribution shall be permitted only if the distribution is due to:
Immediate and Heavy Financial Need. A distribution shall be deemed to be made on account of an immediate and heavy financial need under this Agreement only if it is made on account of one of the following expenses:
a. Expenses for medical care described in Code Section 213(d) for the Participant, the Participant’s spouse, or any of the Participant’s dependents (as defined section 4(i) of this agreement), or is necessary for the above persons to obtain medical care described in Code Section 213(d).
Immediate and Heavy Financial Need. For purposes of determining whether a Hardship exists under this subsection (2), the same Hardship distribution events described in subsection (1)(i) will qualify as a Hardship distribution event under this subsection (2). The Employer may modify the permissible Hardship distribution events under AA §10-3(f) of the Profit Sharing Plan Adoption Agreement.
Immediate and Heavy Financial Need. If so designated by the Employer in the Adoption Agreement, a Participant shall be permitted to make a hardship withdrawal from the Plan, subject to the joint and survivor annuity requirements of Article 8.7, if the Participant certifies that he or she has incurred an immediate and heavy financial need for funds. For these purposes, an immediate and heavy financial need shall include a need:
(1) to pay expenses incurred or necessary for medical care, described in Section 213(d) of the Code, of the Participant or the Participant's spouse, children or dependents;
(2) to purchase the principal residence of the Participant (excluding mortgage payments);
(3) to pay tuition and related educational fees for the next 12 months of postsecondary education for the Participant or the Participant's spouse, children, or dependents; or
(4) to prevent the eviction of the Participant from his or her principal residence or foreclosure on the mortgage of the Participant's principal residence.
Immediate and Heavy Financial Need. The determination by the Administrator of an immediate and heavy financial need will be based upon such severity that a Participant or former Participant, or the Participant’s (or former Participant’s) lineal ascendant or descendant, dependent, or Spouse is confronted or endangered by present or impending financial ruin, present or impending want, or privation. The Administrator will determine whether an immediate and heavy financial need exists based on all relevant facts and circumstances in a nondiscriminatory manner, and will not be limited to the circumstances enumerated in subparagraph (2) below. The Participant or former Participant must demonstrate the immediate and heavy financial need with positive evidence submitted to the Administrator, if positive evidence is readily available. However, the Administrator may rely upon representations from the Participant or former Participant as to the need for and amount of a financial hardship distribution, unless the Administrator has actual knowledge to the contrary.
Immediate and Heavy Financial Need. A Participant shall be deemed as having an immediate and heavy financial need only if the need is associated with one of the following:
(i) payment of eligible, unreimbursed medical expenses deductible under Section 213(d) of the Code, determined without regard to the limitations in Section 213(a) of the Code) for hospitalization or other medical care previously incurred or necessary to obtain medical care on account of an accident, serious illness, or disability affecting the Participant, the Participant’s Spouse, or the Participant’s dependents (as defined in Section 152 of the Code);
(ii) payment of tuition, related educational fees, and room and board expenses for up to the next 12 months of post-secondary education for the Participant, the Participant’s Spouse, the Participant’s children, or the Participant’s dependents (as defined in Section 152 of the Code, without regard to Section 152(b)(1), (b)(2) and (d)(1)(B) of the Code);
(iii) purchase (excluding mortgage payments) of a principal residence for the Participant;
(iv) payments necessary to prevent the eviction of the Participant from his or her principal residence or foreclosure on the mortgage of the Participant’s principal residence;
(v) payments for funeral or burial expenses for the Participant’s deceased parent, Spouse, child or dependent (as defined in Section 152 of the Code, without regard to Section 152(d)(1)(B) of the Code);
(vi) expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under Section 165 of the Code (determined without regard to Section 165(h)(5) of the Code and whether the loss exceeds 10% of adjusted gross income); or
(vii) expenses and losses (including loss of income) incurred by the Participant on account of a disaster declared by the Federal Emergency Management Agency (FEMA) under the Xxxxxx X. Xxxxxxxx Disaster Relief and Emergency Assistance Act, provided that the Participant’s principal residence or principal place of employment at the time of the disaster was located in an area designated by FEMA for individual assistance with respect to the disaster.
Immediate and Heavy Financial Need. Safe Harbor. A financial need will not be considered immediate and heavy unless it is for: (i) expenses incurred or necessary for medical care, as described in Code Section 213(d), of the Participant, his or her spouse or dependents; (ii) the purchase (excluding mortgage payments) of a principal residence for the Participant; (iii) payment of tuition and related educational fees for the next 12 months of post-secondary education for the Participant, his or her spouse, children, or dependents; or (iv) the need to prevent the eviction of the Participant from, or a foreclosure on the mortgage of, his or her principal residence. Necessary to Satisfy the Need: Safe Harbor. A distribution will not be considered necessary to satisfy an immediate and heavy financial need of the Participant unless the Participant demonstrates that: (i) the distribution is not in excess of the amount of an immediate and heavy financial need (including amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution); (ii) the Participant has obtained all distributions (other than distributions for Hardship) and all nontaxable (when made) loans available under the Plan and any other Qualified Plan maintained by the Employer; (iii) the Participant agrees, as a condition of the distribution, that Salary Deferral Contributions under the Plan and all other Qualified Plans maintained by the Employer for the Participant's next taxable year will be limited to the limit in Code Section 402(g), less his or her Salary Deferral Contributions in the taxable year of the withdrawal; and (iv) the Participant agrees, as a condition of the distribution, that Salary Deferral Contributions and any other employee contributions under the Plan and any other plan maintained by the Employer (other than a health and welfare plan) will be suspended for him or her for 12 months after the receipt of the distribution.
Immediate and Heavy Financial Need. A hardship distribution shall be permitted only if the distribution is due to:
(A) expenses for (or necessary to obtain) medical care that would be deductible under Code Section 213(d) (determined without regard to whether the expenses exceed 7.5% of adjusted gross income);
(B) costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments);
(C) payment of tuition, related educational fees, and room and board expenses, for up to the next 12 months of post-secondary education for the Employee, or the Employee’s Spouse, children or dependents as defined in Code Section 152, and for taxable years beginning on or after January 1, 2005, without regard to Code Section 152(b)(1), (b)(2) and (d)(1)(B);
(D) payments necessary to prevent the eviction of the Employee from the Employee’s principal residence or foreclosure on the mortgage on that residence;
(E) payments for burial or funeral expenses for the Employee’s deceased parent, Spouse, children or dependents as defined in Code Section 152 without regard to Code Section 1 52(d)(1)(B); or
(F) expenses for the repair of damage to the Employee’s principal residence that would qualify for the casualty deduction under Code Section 165 (determined without regard to whether the loss exceeds 10% of adjusted gross income). The financial needs identified in (E) and (F) shall apply only during Plan Years beginning after 2005.
