Unforeseeable Emergency Distributions Sample Clauses

Unforeseeable Emergency Distributions. ‌ In the event of an Unforeseeable Emergency prior to or after the commencement of distributions, a Participant may apply to receive that part of the value of the Participant's Account that is reasonably needed to satisfy the emergency need, including any income tax resulting from the distribution. Payment will not be made to the extent that the financial hardship may be satisfied through cessation of Deferrals, insurance or other reimbursement, or a liquidation of other assets to the extent such liquidation would not itself cause severe financial hardship. The Board, or its delegee, shall determine whether a Participant is entitled to a distribution on account of an Unforeseeable Emergency, provided that the Board, or its delegee, may require the Employer to substantiate an Unforeseeable Emergency at its request.
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Unforeseeable Emergency Distributions. In the event of an unforeseeable emergency either prior to or subsequent to the commencement of benefits under this Plan, a participant may request an immediate payment of benefits to the extent reasonably needed to relieve the unforeseeable emergency. For purposes of this Section 8, an unforeseeable emergency is a severe financial hardship to the participant resulting from a sudden and unexpected illness or accident of the participant or of the participant's dependent (as defined in Code section 152(a)), loss of the participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant. Payment of benefits may not be made to the extent that the hardship is or may be relieved: (1) through reimbursement or compensation by insurance or otherwise, (2) by liquidation of the participant's assets (to the extent such liquidation would not itself cause severe financial hardship), or (3) by cessation of deferrals under the Plan. The determination of whether or not an unforeseeable emergency exists, whether or not benefits may be properly paid to relieve such emergency, and the actual amount of such benefits to be paid, will be made by the contract administrator engaged by the Trust Committee of the Master Trust for the Deferred Compensation Plans Maintained by NTCA and Its Members. No payment of benefits pursuant to this Section 8 shall exceed the amount credited to a participant's account as of the date of such payment. In addition, the payment of benefits pursuant to this Section 8 shall reduce, by the amount of such payment, the amount credited to a participant's account. For purposes of this Section 8, the term "participant" shall mean, after the death of the participant, the designated beneficiary of the participant, or, if none, his or her surviving spouse, or, if no surviving spouse, his or her estate.
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Unforeseeable Emergency Distributions. Upon a finding that a Participant has suffered an unforeseeable emergency, the Committee may, in its sole discretion, allow a distribution from the Participant’s vested Deferred Compensation Account prior to the time specified for payment of benefits under the Plan. An “unforeseeable emergency” is an unanticipated emergency that is caused by an event beyond the control of the participant and that would result in severe financial hardship to the Participant if early withdrawal were not permitted. The amount of such distribution shall be limited to the amount reasonably necessary to meet the Participant’s emergency. Following an emergency distribution, a Participant’s Deferred Compensation Agreement will be canceled and no further Compensation may be deferred for the remainder of the Plan Year.
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Unforeseeable Emergency Distributions. Upon a finding that a Participant has suffered an unforeseeable emergency, the Committee may, in its sole discretion, allow a distribution from the Participant’s Deferred Compensation Account prior to the time specified for payment of benefits under the Plan. An “unforeseeable emergency” is a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, Beneficiary or dependent (as defined in Section 152 of the Code without regard to Section 152(b)(1), (b)(2) and (d)(1)(B)); loss of the Participant’s property due to casualty (including the need to rebuild a home following damage not otherwise covered by insurance); or other similar or unforeseeable circumstances arising as a result of events beyond the control of the Participant. A distribution on account of an unforeseeable emergency may not be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of deferrals under the Plan. A distribution because of an unforeseeable emergency must be limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any federal, state, local or foreign income taxes or penalties reasonably anticipated to result from the distribution). Following an emergency distribution, a Participant’s Deferred Compensation Agreement will be canceled and no further Compensation may be deferred for the remainder of the Plan Year.
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Unforeseeable Emergency Distributions. Upon a finding that a Participant has suffered an unforeseeable emergency, the Committee may, in its sole discretion, allow a distribution from the Participant’s Deferred Compensation Account prior to the time specified for payment of benefits under the Plan. An “unforeseeable emergency” is a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, Beneficiary or dependent (as defined in Section 152 of the Code without regard to Section 152(b)(1), (b)(2) and (d)(1)(B)); loss of the Participant’s property due to casualty (including the need to rebuild a home following damage not otherwise covered by insurance); or other similar or unforeseeable circumstances arising as a result of events beyond the control of the Participant. A distribution on account of an unforeseeable emergency may not be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the 7
Sample 1
Unforeseeable Emergency Distributions. The Participant may request a withdrawal from his Account in the event that they incur an “unforeseeable emergency”. An “unforeseeable emergency” means a severe financial hardship of the Participant or their Beneficiary resulting from an illness or accident of the Participant or their Beneficiary, the Participant’s or Beneficiary’s Spouse, or the Participant’s or Beneficiary’s dependent (as defined in Code Section 152, without regard to Code Section 152(b)(1), (b)(2) and (d)(1)(B)); loss of the Participant’s or Beneficiary’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by homeowner’s insurance, such as damage that is the result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or the Beneficiary. For example, the imminent foreclosure of or eviction from the Participant’s or Beneficiary’s primary residence may constitute an unforeseeable emergency. In addition, the need to pay for medical expenses, including nonrefundable deductibles, as well as for the cost of prescription drug medication, may constitute an unforeseeable emergency. Finally, the need to pay for the funeral expenses of a Spouse or a dependent (as defined in Code Section 152, without regard to Code Section 152(b)(1), (b)(2) and (d)(1)(B)) of a Participant or Beneficiary may also constitute an unforeseeable emergency. Except as otherwise specifically provided in this Section, the purchase of a home and the payment of college tuition are not unforeseeable emergencies under this Section. The Committee, or its delegate, in its sole discretion will determine, based on the relevant facts and circumstances, whether a Participant or Beneficiary is faced with an unforeseeable emergency permitting distribution under this Section and if so, the amount necessary to satisfy the emergency need, but in any case, no distribution on account of unforeseeable emergency may be made under this Section to the extent that such emergency is or can be relieved: (a) through reimbursement or compensation from insurance or otherwise; (b) by liquidation of the Participant's assets, to the extent the liquidation of such assets would not itself cause severe financial hardship; or (c) by cessation of salary reduction contributions under the Plan. A Participant or Beneficiary has no right to any unforeseeable emergency distribution under this Section, even...
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Related to Unforeseeable Emergency Distributions

  • Unforeseeable Emergency In the event of a Participant’s Unforeseeable Emergency, such Participant may request an emergency withdrawal from his or her Account. Any such request shall be subject to the approval of the Administrator, which approval shall not be granted to the extent that such need may be relieved (i) through reimbursement or compensation by insurance or otherwise or (ii) by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). A Participant may withdraw all or a portion of his or her Account due to an Unforeseeable Emergency; provided, however, that the withdrawal shall not exceed the amount reasonably needed to satisfy the need created by the Unforeseeable Emergency.

  • Hardship Distribution Upon the Board of Director's determination (following petition by the Executive) that the Executive has suffered an unforeseeable financial emergency as described in Section 2.2.2, the Company shall distribute to the Executive all or a portion of the Deferral Account balance as determined by the Company, but in no event shall the distribution be greater than is necessary to relieve the financial hardship.

  • Hardship Withdrawals Hardship withdrawals, as provided for in paragraph 6.9 of the Basic Plan Document #04, [X] are [ ] are not permitted.

  • Financial Hardship (a) A Financial Hardship distribution may only be made on account of an immediate and heavy financial need of the Participant, and where the distribution is necessary to satisfy the immediate and heavy financial need. A Financial Hardship distribution will only be considered as necessary to satisfy an immediate and heavy financial need of the Participant if the distribution is not in excess of the amount of the 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); (b) Financial Hardship shall be determined in accordance with Code Section 403(b), and the regulations thereunder, and the Employer’s or Custodian’s hardship policy and procedures, if applicable. The following are the only financial needs considered immediate and heavy: (1) expenses incurred (or necessary to obtain) for medical care that would be deductible under Code Section 213(d), determined without regard to the limitations in Code Section 213(a) (relating to the applicable percentage of adjusted gross income and the recipients of the medical care) provided that, if the recipient of the medical care is not listed in Code Section 213(a), the recipient is a primary beneficiary under the Plan (as that term is defined in Treas. Reg. 1 401(k)-1(d)(3)(ii)(C); (2) costs directly related to the purchase (excluding mortgage payments) of a principal residence for the Participant; (3) payment of tuition and related educational fees for the next twelve (12) months of post-secondary education for the Participant, the Participant’s spouse, children or dependents, or the Participant’s primary beneficiary; (4) payment necessary to prevent the eviction of the Participant from, or a foreclosure on the mortgage of, the Participant’s principal residence; (5) payments for funeral or burial expenses for the Participant’s deceased parent, spouse, child or dependent, or the Participant’s primary beneficiary; (6) expenses to repair damage to the Participant’s principal residence that would qualify for a casualty loss deduction under Code Section 165 (determined without regard to whether the loss exceeds ten percent (10%) of adjusted gross income; and (7) expenses and losses, including loss of income, incurred by the Participant on account of a disaster declared by the Federal Emergency Management Agency (FEMA), 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.

  • Hardship In the event the Investor sells the Company's Common Stock pursuant to subsection (c) above and the Company fails to perform its obligations as mandated in Section 2.5 and 2.2 (c), and specifically fails to provide the Investor with the shares of Common Stock for the applicable Advance, the Company acknowledges that the Investor shall suffer financial hardship and therefore shall be liable for any and all losses, commissions, fees, or financial hardship caused to the Investor.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts:

  • Death During Distribution of a Benefit If the Executive dies after any benefit distributions have commenced under this Agreement but before receiving all such distributions, the Bank shall distribute to the Beneficiary the remaining benefits at the same time and in the same amounts they would have been distributed to the Executive had the Executive survived.

  • Change in Form or Timing of Distributions All changes in the form or timing of distributions hereunder must comply with the following requirements. The changes: (a) may not accelerate the time or schedule of any distribution, except as provided in Section 409A of the Code and the regulations thereunder; (b) must, for benefits distributable under Sections 2.1, 2.2, 2.3 and 2.4, delay the commencement of distributions for a minimum of five (5) years from the date the first distribution was originally scheduled to be made; and (c) must take effect not less than twelve (12) months after the election is made.

  • Hardship Leave These provisions shall apply for the purpose of allowing employees to donate accrued vacation leaves and compensatory time for use by eligible recipients as sick leave. Agencies will allow employees to make donations of accumulated compensatory time or vacation leave, not to exceed the hours necessary to cover for the qualifying absence as provided in paragraph (d), to a coworker in that Agency or different Agency. To donate to a specific employee in a different Agency, the employee (donor) must submit a written request to their appointing authority/designee. The appointing authority or designee from both the donor’s and recipient’s agencies may authorize the transfer of donated leave between agencies, subject to restrictions on the use of dedicated funding sources and/or other legitimate business reasons. Authorization for transfer of donated leave shall not be unreasonably denied. For purposes of this Agreement, hardship leave donations will be administered under the following stipulations and the terms of this Agreement shall be strictly enforced with no exceptions. (a) The recipient and donor must be regular employees. (b) The Employer shall not assume any tax liabilities that would otherwise accrue to the employee. (c) Use of donated leave shall be consistent with those provisions found under Article 56, Section 2. (d) Applications for hardship leave shall be in writing and sent to the Agency’s Personnel Section and accompanied by the treating physician/practitioner’s written statement certifying that the illness or injury will continue for at least fifteen (15) days following donee’s projected exhausting of the accumulated leave and the total leave is at least thirty (30) consecutive calendar days of absence in combination of paid and unpaid leave. Donated leave may be used intermittently for the same event after the employee has satisfied the eligibility requirements to receive donated leave. (e) Donations shall be credited at the recipient’s current regular hourly rate of pay. (f) Accumulated leave includes but is not limited to sick, vacation, personal, and compensatory leave accruals. (g) Employees otherwise eligible for or receiving workers’ compensation will not be considered eligible to receive donations under this agreement.

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