Qualified Disaster Distribution Sample Clauses
A Qualified Disaster Distribution clause allows individuals to withdraw funds from certain retirement accounts without incurring the usual penalties if the withdrawal is made due to a federally declared disaster. Typically, this clause outlines the specific conditions under which such distributions are permitted, such as the type of disaster, the time frame for withdrawals, and any limits on the amount that can be withdrawn. Its core practical function is to provide financial relief to individuals affected by disasters by granting them easier access to their retirement savings when they need it most.
Qualified Disaster Distribution. One or more Qualified Disaster Distributions shall be allowed in accordance with Section 10.08 of the Basic Plan Document. Please complete the In-Service Withdrawals Addendum to the Adoption Agreement identifying each such Qualified Disaster Distribution.
Qualified Disaster Distribution. A Qualified Disaster Distribution (as defined under the Disaster Tax Relief Act of 2020 §302(a)(4)(A)) is a distribution from the Plan made:
(A) on or after the first day of the Incident Period of a Qualified Disaster and before June 25, 2021, and
(B) to an individual whose principal place of abode at any time during the Incident Period of such Qualified Disaster was located in the Qualified Disaster Area with respect to such Qualified Disaster and who had sustained an economic loss by reason of such Qualified Disaster.