Retirement and Insurances. A.1.a. Beginning April 15, 2020, employees may have access via loan or distribution due to hardship or disability/terminal illness to pre-tax employee contributions to the 403(b) plan. Such access will be governed by IRS regulations and the plan documents. Loans will be limited to the lesser of the amount allowed by the IRS (currently $50,000) or 50% of the lienable amount in the plan. Disability/terminal illness for this purpose will be as defined by the plan documents.
Appears in 4 contracts
Samples: Agreement Between University of Maine System and Associated Faculties of the Universities of Maine, Mea/Nea, 2019 2021, Collective Bargaining Agreement, Collective Bargaining Agreement
Retirement and Insurances. A.1.a. Beginning April 15, 2020, employees may have access via loan or distribution due to hardship or disability/terminal illness to pre-tax employee contributions to the 403(b) plan. Such access will be governed by IRS regulations and the plan documents. Loans will be limited to the lesser of the amount allowed by the IRS (currently $50,000) or 50% of the lienable amount in the plan. Disability/terminal illness for this purpose will be as defined by the plan documents.
Appears in 1 contract
Samples: Collective Bargaining Agreement
