Common use of Withdrawal from the Plan Clause in Contracts

Withdrawal from the Plan. A participant may, with the approval of the Employer, withdraw from the Plan in unusual or extenuating circumstances (e.g. financial hardship or serious illness). Requests for withdrawal must be submitted in writing to the Director of Human Resources, detailing the reason(s) for withdrawal, as soon as possible prior to commencement of the leave. The Employer shall maintain the request and its approval as part of the Employer records. When a request for withdrawal is approved, the Employer shall pay to the employee a lump sum equal to monies deferred plus interest accrued to the date of withdrawal from the Plan. Payment shall be as soon as possible, but must be made within thirty (30) days of approval of withdrawal from the Plan.

Withdrawal from the Plan. A participant may, with the approval of the EmployerSociety, withdraw from the Plan in unusual or extenuating circumstances (e.g. financial hardship or serious illness). Requests for withdrawal must be submitted in writing to the Director of Human Resources, detailing the reason(s) for withdrawal, as soon as possible prior to commencement of the leave. The Employer Society shall maintain the request and its approval as part of the Employer Society records. When a request for withdrawal is approved, the Employer Society shall pay to the employee a lump sum equal to monies deferred plus interest accrued to the date of withdrawal from the Plan. Payment shall be as soon as possible, but must be made within thirty (30) days of approval of withdrawal from the Plan.