Common use of Other Available Resources Clause in Contracts

Other Available Resources. A withdrawal shall not be treated as necessary to satisfy an immediate and heavy financial need of an Employee to the extent the amount of the withdrawal is in excess of the amount required to relieve the financial need or to the extent such need may be satisfied from other resources that are reasonably available to the Employee. This determination generally is to be made on the basis of all relevant facts and circumstances. The Employee's resources include those assets of an Employee's Spouse and minor children that are reasonably available to the Employee. However, property held for the Employee's child under an irrevocable trust or under the Uniform Gifts to Minors Act shall not be treated as a resource of the Employee. The amount of an immediate and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal. A withdrawal generally may be treated as necessary to satisfy a financial need if the Plan Administrator relies upon the Employee's written representation, unless the Employer or Plan Administrator has actual knowledge to the contrary, that the need cannot reasonably be relieved: (1) Through reimbursement or compensation by insurance or otherwise; (2) By reasonable liquidation of the Employee's assets, to the extent such liquidation would not itself cause an immediate and heavy financial need; (3) By cessation of Salary Deferral Contributions under the Plan; or (4) By other distributions or nontaxable (at the time of the loan) loans from plans maintained by the Employer or by any other employer, or by borrowing from commercial sources on reasonable commercial terms in an amount sufficient to satisfy the need. A need cannot be reasonably relieved by one of the actions listed above if the effect would be to increase the amount of the need. Notwithstanding (3) above, a Participant may, but shall not be required to suspend or cease his or her Salary Deferral Contributions in the event the Employer relies upon such Participant's written representation regarding the amount of withdrawal necessary to satisfy a financial need.

Other Available Resources. A withdrawal shall not be treated as necessary to satisfy an immediate and heavy financial need of an Employee to the extent the amount of the withdrawal is in excess of the amount required to relieve the financial need or to the extent such need may be satisfied from other resources that are reasonably available to the Employee. This determination generally is to be made on the basis of all relevant facts and circumstances. The Employee's ’s resources include those assets of an Employee's ’s Spouse and minor children that are reasonably available to the Employee. However, property held for the Employee's ’s child under an irrevocable trust or under the Uniform Gifts to Minors Act shall not be treated as a resource of the Employee. The amount of an immediate and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal. A withdrawal An immediate and heavy financial need generally may be treated as necessary not capable of being relieved from other resources that are reasonably available to satisfy a financial need the Employee if the Plan Administrator relies upon the Employee's ’s written representation, unless the Employer or Plan Administrator has actual knowledge to the contrary, that the need cannot reasonably be relieved: (1) Through reimbursement or compensation by insurance or otherwise; (2) By reasonable liquidation of the Employee's ’s assets, to the extent such liquidation would not itself cause an immediate and heavy financial need; (3) By cessation of Salary Deferral Contributions Elective Deferrals under the Plan; or (4) By other currently available distributions or (including distribution of ESOP dividends under Code section 404(k)) and nontaxable (at the time of the loan) loans from plans maintained by the Employer or by any other employer, or by borrowing from commercial sources on reasonable commercial terms in an amount sufficient to satisfy the need. A need cannot be reasonably relieved by one of the actions listed above if the effect would be to increase the amount of the need. Notwithstanding (3) above, a Participant may, but shall not be required to suspend or cease his or her Salary Deferral Contributions Elective Deferrals in the event the Employer relies upon such Participant's ’s written representation regarding the amount of withdrawal necessary to satisfy a financial need.

Other Available Resources. A withdrawal shall not be treated as necessary to satisfy an immediate and heavy financial need of an Employee to the extent the amount of the withdrawal is in excess of the amount required to relieve the financial need or to the extent such need may be satisfied from other resources that are reasonably available to the Employee. This determination generally is to be made on the basis of all relevant facts and circumstances. The Employee's ’s resources include those assets of an Employee's ’s Spouse and minor children that are reasonably available to the Employee. However, property held for the Employee's ’s child under an irrevocable trust or under the Uniform Gifts to Minors Act shall not be treated as a resource of the Employee. The amount of an immediate and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal. A withdrawal generally may be treated as necessary to satisfy a financial need if the Plan Administrator relies upon the Employee's ’s written representation, unless the Employer or Plan Administrator has actual knowledge to the contrary, that the need cannot reasonably be relieved: (1) Through reimbursement or compensation by insurance or otherwise; (2) By reasonable liquidation of the Employee's ’s assets, to the extent such liquidation would not itself cause an immediate and heavy financial need; (3) By cessation of Salary Deferral Contributions under the Plan; or (4) By other distributions or nontaxable (at the time of the loan) loans from plans maintained by the Employer or by any other employer, or by borrowing from commercial sources on reasonable commercial terms in an amount sufficient to satisfy the need. A need cannot be reasonably relieved by one of the actions listed above if the effect would be to increase the amount of the need. Notwithstanding (3) above, a Participant may, but shall not be required to suspend or cease his or her Salary Deferral Contributions in the event the Employer relies upon such Participant's ’s written representation regarding the amount of withdrawal necessary to satisfy a financial need.

Other Available Resources. A withdrawal shall not be treated as necessary to satisfy an immediate and heavy financial need of an Employee to the extent the amount of the withdrawal is in excess of the amount required to relieve the financial need or to the extent such need may be satisfied from other resources that are reasonably available to the Employee. This determination generally is to be made on the basis of all relevant facts and circumstances. The Employee's ’s resources include those assets of an Employee's ’s Spouse and minor children that are reasonably available to the Employee. However, property held for the Employee's ’s child under an irrevocable trust or under the Uniform Gifts to Minors Act shall not be treated as a resource of the Employee. The amount of an immediate and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal. A withdrawal generally may be treated as necessary to satisfy a financial need if the Plan Administrator relies upon the Employee's ’s written representation, unless the Employer or Plan Administrator has actual knowledge to the contrary, that the need cannot reasonably be relieved: (1) Through reimbursement or compensation by insurance or otherwise; (2) By reasonable liquidation of the Employee's ’s assets, to the extent such liquidation would not itself cause an immediate and heavy financial need; (3) By cessation of Salary Deferral Contributions under the Plan; or (4) By other distributions or nontaxable (at the time of the loan) loans from plans maintained by the Employer or by any other employer, or by borrowing from commercial sources on reasonable commercial terms in an amount sufficient to satisfy the need. A need cannot be reasonably relieved by one of the actions listed above if the effect would be to increase the amount of the need. Notwithstanding (3) above, a Participant may, but shall not be required to suspend or cease his or her Salary Deferral Contributions in the event the Employer relies upon such Participant's written representation regarding the amount of withdrawal necessary to satisfy a financial need.