Withdrawal Benefits. A Participant may direct AUL at its Home Office, in a form acceptable to AUL, to withdraw all or a portion of the Withdrawal Value of his Participant Account, subject to the following provisions:
Withdrawal Benefits. A Participant may direct AUL at its Home Office, in a form acceptable to AUL, to withdraw all or a portion of the Withdrawal Value of his Participant Account, subject to the following provisions:
(a) Amounts attributable to amounts held as of December 31, 1988 under another Code Section 403(b) annuity contract may be withdrawn.
(b) Amounts attributable to Contributions made other than pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn.
(c) Amounts attributable to Contributions made pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn, provided that any distribution of such amounts shall not occur until the Participant has either attained age 59 1/2, separated from service, become totally disabled (as defined by the Internal Revenue Service), or experienced a hardship (as defined by the Internal Revenue Service). However, in the case of a hardship withdrawal, any gain credited to such Contributions may not be withdrawn.
(d) Withdrawal of any amount from this contract which is transferred directly by AUL pursuant to Participant instructions to another tax-deferred annuity funding vehicle under applicable Internal Revenue Service rules and regulations shall be subject to application of the Withdrawal Charge.
(e) If, as provided in Internal Revenue Code Regulation Section 1.403(b)-2T Q&A-2, the distributee of any eligible rollover distribution elects to have the distribution paid directly to an eligible retirement plan (as defined in Q&A-1 of that Section) and specifies the eligible retirement plan to which the distribution is to be paid, then the distribution shall be paid to that eligible retirement plan in a direct rollover.
(f) AUL shall not be responsible for determining a Participant's compliance with the requirements above. Any withdrawal request shall include certification as to the purpose of the withdrawal. The Participant assumes full responsibility for determining whether the withdrawal is permitted under applicable law. AUL may rely solely upon the representations of the Participant made in the withdrawal request.
(g) Withdrawals from a Participant Account's share of any Investment Option may not be made in an amount less than the smaller of $500 or the Participant Account's entire share of the Investment Option. If a withdrawal reduces the Participant Account's share of an Investment Option to less than $500, such remaining share shall ...
Withdrawal Benefits. (d) The Account Value to be applied pursuant to this Section shall be determined as of the applicable Valuation Date determined in (c) above. If the entire Account Value of a Participant Account is withdrawn, the Participant shall be paid the Withdrawal Value. If the Participant requests that a specified percentage or dollar amount be paid to the Participant, AUL shall withdraw from the Participant Account an amount equal to the dollar amount to be paid divided by the difference between 1 and the decimal equivalent of the applicable Withdrawal Charge. Notwithstanding the previous sentence, in the first Contract Year in which a Participant Account is established, and in the next succeeding Contract Year, the Participant may withdraw from that Participant Account up to 10% of the sum of the Account Value of that Participant Account, determined as of the last Contract Anniversary preceding the request for the withdrawal, plus Contributions made during the applicable Contract Year, without application of any Withdrawal Charge. In any subsequent Contract Year, the Participant may withdraw from that Participant Account up to 10% of the Account Value of that Participant Account, determined as of the last Contract Anniversary preceding the request for the withdrawal, without application of any Withdrawal Charge. Where amounts have been transferred to this contract from another AUL P-12867 contract, Contract Years of participation for purposes of this 10% free-out provision shall be determined by using the date of the Participant's first contribution to the Participant Account in the previous contract which was transferred.
Withdrawal Benefits. (6) Effective January 1, 1993, if, as provided in Internal Revenue Code Regulation Section 1.403(b)-2T Q&A-2, the distributee of any eligible rollover distribution elects to have the distribution paid directly to an eligible retirement plan (as defined in Q&A-1 of that Section) and specifies the eligible retirement plan to which the distribution is to be paid, then the distribution shall be paid to that eligible retirement plan in a direct rollover.
Withdrawal Benefits. The Account Value to be applied shall be determined as of the applicable Valuation Date determined in (c) above. If the entire Account Value of a Participant Account is withdrawn, the Participant shall be paid the Withdrawal Value. If the Participant requests that a specified percentage or dollar amount be paid to the Participant, AUL shall withdraw from the Participant Account an amount equal to the dollar amount to be paid divided by the difference between 1 and the decimal equivalent of the applicable Withdrawal Charge. Notwithstanding the previous sentence, in the first Contract year in which a Participant Account is established, and in the next succeeding Contract year, the Participant may withdraw from that Participant Account up to 10% of the sum of the Account Value of that Participant Account, determined as of the last Contract anniversary preceding the request for the withdrawal, plus Contributions made during the applicable Contract year, without application of any Withdrawal Charge. In any subsequent Contract year, the Participant may withdraw from that Participant Account up to 10% of the Account Value of that Participant Account, determined as of the last Contract anniversary preceding the request for the withdrawal, without application of any Withdrawal Charge.
Withdrawal Benefits. A contributor whose membership ceases, other than in terms of subclauses (3), (4), (5) and (6), shall be paid his Fund credit as a withdrawal benefit, subject to clause 10 (3). In the event of a contributor re-entering the Industry after having been paid a benefit, his completed years of service shall then be calculated from the date on which he re-commences the payment of contributions.
Withdrawal Benefits. A Participant may direct AUL at its Home Office, in a form acceptable to AUL, to withdraw all or a portion of the Withdrawal Value of his Participant Account, subject to the following provisions:
(a) Amounts attributable to amounts held as of December 31, 1988 under another Code Section 403(b) annuity contract may be withdrawn.
(b) Amounts attributable to Contributions made other than pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn.
(c) Amounts attributable to Contributions made pursuant to a salary reduction agreement (within the meaning of Code Section 402(g)(3)(C)) may be withdrawn, provided that any distribution of such amounts shall not occur until the Participant has either attained age 59 1/2, separated from service, become totally disabled (as defined by the Internal Revenue Service), or experienced a hardship (as defined by the Internal Revenue Service). However, in the case of a hardship withdrawal, any gain credited to such Contributions may not be withdrawn.
(d) Withdrawal of any amount from this contract which is transferred directly by AUL pursuant to Participant instructions to another tax-deferred annuity funding vehicle under applicable Internal Revenue Service rules and regulations shall be subject to application of the Withdrawal Charge.
Withdrawal Benefits. (a) At any time prior to termination of the contract pursuant to the provisions of Article 8, except as stated below, the Contractholder, upon submitting a proper written request to AUL at its Home Office, may direct AUL to withdraw all or a portion of the Account Value (subject to the Withdrawal Charge) of a Participant Account for the purpose of providing Plan benefits, other than Plan termination benefits, provided:
Withdrawal Benefits. (a) Distributions on Account of Financial Hardship If elected by us in Item W(2) of the Adoption Agreement, withdrawals of part of the Member's Account as provided in Item W(2) will be permitted in the event of hardship due to an immediate and heavy financial need. Immediate and heavy financial need shall be limited to: (i) medical expenses described in Code Section 213(d) incurred by the Member, the Member's spouse, or any dependents of the Member (as defined in Code Section 152); (ii) purchase (excluding mortgage payments) of a principal residence for the Member; (iii) payment of tuition for the next semester or quarter of post-secondary education for the Member, his spouse, children or dependents; (iv) the need to prevent the eviction of the Member from his principal residence or foreclosure on the mortgage of the Member's principal residence; or (v) any other distribution which is deemed by the Commissioner of Internal Revenue to be made on account of immediate and heavy financial need as provided in Treasury regulations. The Member's request for a withdrawal shall include his written statement that an immediate and heavy financial need exists and explain its nature. On and after the first Yearly Date in 1993, immediate and heavy financial need in (i) shall include medical expenses incurred or necessary for medical care, described in Code Section 213(d), of the Member, the Member's spouse, or any dependents of the Member (as defined in Code Section 152) and such need in (iii) shall include payment of tuition and related educational fees for the next 12 months of postsecondary education for the Member, his spouse, children or dependents. In addition, the amount of the immediate and heavy financial need may include amounts necessary to pay any Federal, state or local income taxes or penalties reasonably anticipated to result from the distribution. No withdrawal shall be allowed which is not necessary to satisfy such immediate and heavy financial need. Such withdrawal shall be deemed necessary only if all of the following requirements are met (i) the distribution is not in excess of the amount of the immediate and heavy financial need of the Member; (ii) the Member has obtained all distributions, other than hardship distributions, and all nontaxable loans currently available under all plans maintained by us; (iii) the Plan, and all other plans maintained by us, provide that the Member's elective contributions and employee contributions will be suspended f...
Withdrawal Benefits. A Participant may elect to withdraw a portion of his Accumulated Value prior to his Annuity Commencement Date by filing a written request with EALIC at its Home Office an a form furnished by EALIX. Xxe amount of such withdrawal shall not be less than $3,000 or the Participant's entire Accumulated Value, whichever is smaller. Such withdrawal shall be paid in cash and shall, by the amounts withdrawn, be in lieu of the benefits otherwise provided under this Contract as to such Participant, his beneficiary, and his contingent annuitant. If an Active Participant makes such a request more than twice, he will cease to be an Active Participant under this Contract. Such an employee will cease to be eligible to become an Active Participant under this Contract and no further contributions shall be made on his behalf, except as provided in Section 3 of Article III.
