Common use of Withdrawals by Employee Clause in Contracts

Withdrawals by Employee. The Employee may, after certified by the Employer, make withdrawals from the Account at the time(s) directed by the Employee on a form or other written directions acceptable to and filed with the Custodian, subject to the provisions of this section. (a) Events Permitting Withdrawal. No withdrawal of amounts consisting of salary reduction contributions under Section 3.2 may be made from the Account before the earliest of: (i) the date the employee reaches age 59½ ; (ii) the date the Employee separates from service with the Employer for any reason, including retirement; (iii) the date the Employee becomes disabled; as used in this subsection (iii), "disabled" means unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long continued and indefinite duration; the Custodian may require the Employee to furnish a certificate of a licensed physician stating that the Employee is so disabled or may require the Employee to provide satisfactory evidence that the Employee has been awarded Social Security disability benefits before processing any withdrawals on account of the Employee's disability; (iv) the termination of the 403(b) arrangement as provided in Article 11; or (v) the date the Employee encounters financial hardship within the meaning of Code Section 403(b)(7)(A)(ii) and applicable Treasury regulations and the provisions of this subsection (v). However, financial hardship withdrawals shall only be permitted with respect to a 403(b) arrangement sponsored by an Employer which is a state or local government or governmental agency and thus not subject to ERISA. The Employee must provide to the Employer adequate verification and/or documentation of the existence of the Employee's financial hardship and the amount needed to meet the financial hardship as the Employer determines. If so provided in the Adoption Agreement (or in procedures adopted by the Custodian), the Employee may apply for a hardship withdrawal. The Employee must certify to the Employer that the withdrawal is needed to meet one of the following situations: (A) Expenses for medical care described in Code Section 213(d) previously incurred by the Employee, the Employee's spouse, designated Beneficiary, or any dependents of the Employee or necessary for these persons to obtain such medical care; (B) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments); (C) Payment of tuition, related educational fees, and room and board expenses, for the next 12 months of post- secondary education for the Employee, or the Employee's spouse, designated Beneficiary, children, or dependents; (D) Payments necessary to prevent the eviction of the Employee from the Employee's principal residence or foreclosure on the mortgage on that residence; (E) Payments for burial or funeral expenses for the Employee’s deceased parent, spouse, designated Beneficiary, children or dependents (as defined in Code Section 152(d)(1)(B)); or (F) Expenses for the repair of damage to the employee’s principal residence that would qualify for the casualty deduction under Code Section 165 (without regard to whether the loss exceeds 10 of adjusted gross income). (G) Expenses resulting from a federally declared disaster in an area designated by the Federal Emergency Management Agency. In addition, the Employee must certify and agree that: (H) The withdrawal is not in excess of the amount of the immediate and heavy financial need of the Employee. (The amount of an immediate and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal.) (I) A financial hardship withdrawal under this subsection (v) may not include any earnings or investment gains on the salary reduction contribution amounts while held in the Account. The Employer will make final determination of a financial hardship and shall notify the Custodian of a financial hardship withdrawal. For purposes of subsection (a)(ii) above, an Employee who transfers from his or her Employer to another entity within the Employer’s controlled group (as defined in Code Section 414(b) or (c) as applicable to tax exempt organizations) which is not an eligible Employer, the Employee shall be considered as having terminated service with the Employer.

Withdrawals by Employee. The Employee may, after certified by the Employer, make withdrawals from the Account at the time(s) directed by the Employee on a form or other written directions acceptable to and filed with the Custodian, subject to the provisions of this section. (a) Events Permitting Withdrawal. No withdrawal of amounts consisting of salary reduction contributions under Section 3.2 may be made from the Account before the earliest of: (i) the date the employee reaches age 59½ ; (ii) the date the Employee separates from service with the Employer for any reason, including retirement; (iii) the date the Employee becomes disabled; as used in this subsection (iii), "disabled" means unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long continued and indefinite duration; the Custodian may require the Employee to furnish a certificate of a licensed physician stating that the Employee is so disabled or may require the Employee to provide satisfactory evidence that the Employee has been awarded Social Security disability benefits before processing any withdrawals on account of the Employee's disability; (iv) the termination of the 403(b) arrangement as provided in Article 11; or (v) the date the Employee encounters financial hardship within the meaning of Code Section 403(b)(7)(A)(ii) and applicable Treasury regulations and the provisions of this subsection (v). However, financial hardship withdrawals shall only be permitted with respect to a 403(b) arrangement sponsored by an Employer which is a state or local government or governmental agency and thus not subject to ERISA. The Employee must provide to the Employer adequate verification and/or documentation of the existence of the Employee's financial hardship and the amount needed to meet the financial hardship as the Employer determines. If so provided in the Adoption Agreement (or in procedures adopted by the Custodian), the Employee may apply for a hardship withdrawal. The Employee must certify to the Employer that the withdrawal is needed to meet one of the following situations: (A) Expenses for medical care described in Code Section 213(d) previously incurred by the Employee, the Employee's spouse, designated Beneficiary, or any dependents of the Employee or necessary for these persons to obtain such medical care; (B) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments); (C) Payment of tuition, related educational fees, and room and board expenses, for the next 12 months of post- post-secondary education for the Employee, or the Employee's spouse, designated Beneficiary, children, or dependents; (D) Payments necessary to prevent the eviction of the Employee from the Employee's principal residence or foreclosure on the mortgage on that residence; (E) Payments for burial or funeral expenses for the Employee’s deceased parent, spouse, designated Beneficiary, children or dependents (as defined in Code Section 152(d)(1)(B)); or (F) Expenses for the repair of damage to the employee’s principal residence that would qualify for the casualty deduction under Code Section 165 (without regard to whether the loss exceeds 10 of adjusted gross income). (G) Expenses resulting from a federally declared disaster in an area designated by the Federal Emergency Management Agency. In addition, the Employee must certify and agree that: (HG) The withdrawal is not in excess of the amount of the immediate and heavy financial need of the Employee. (The amount of an immediate and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal.) (IH) The Employee may not make any salary reduction contributions to the Account (or to any other plan maintained by the Employee's employer for a period of 6 months after receiving the hardship withdrawal. A financial hardship withdrawal under this subsection (v) may not include any earnings or investment gains on the salary reduction contribution amounts while held in the Account. The Employer will make final determination of a financial hardship and shall notify the Custodian of a financial hardship withdrawal. For purposes of subsection (a)(ii) above, an Employee who transfers from his or her Employer to another entity within the Employer’s controlled group (as defined in Code Section 414(b) or (c) as applicable to tax exempt organizations) which is not an eligible Employer, the Employee shall be considered as having terminated service with the Employer.

Withdrawals by Employee. The Employee may, after certified by the Employer, make withdrawals from the Account at the time(s) directed by the Employee on a form or other written directions acceptable to and filed with the Custodian, subject to the provisions of this section. (a) Events Permitting Withdrawal. No withdrawal of amounts consisting of salary reduction contributions under Section 3.2 may be made from the Account before the earliest of: (i) the date the employee reaches age 59½ ; (ii) the date the Employee separates from service with the Employer for any reason, including retirement; (iii) the date the Employee becomes disabled; as used in this subsection (iii), "disabled" means unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long continued and indefinite duration; the Custodian may require the Employee to furnish a certificate of a licensed physician stating that the Employee is so disabled or may require the Employee to provide satisfactory evidence that the Employee has been awarded Social Security disability benefits before processing any withdrawals on account of the Employee's disability; (iv) the termination of the 403(b) arrangement as provided in Article 11; or (v) the date the Employee encounters financial hardship within the meaning of Code Section 403(b)(7)(A)(ii) and applicable Treasury regulations and the provisions of this subsection (v). However, financial hardship withdrawals shall only be permitted with respect to a 403(b) arrangement sponsored by an Employer which is a state or local government or governmental agency and thus not subject to ERISA. The Employee must provide to the Employer adequate verification and/or documentation of the existence of the Employee's financial hardship and the amount needed to meet the financial hardship as the Employer determines. If so provided in the Adoption Agreement (or in procedures adopted by the Custodian), the Employee may apply for a hardship withdrawal. The Employee must certify to the Employer that the withdrawal is needed to meet one of the following situations: (A) Expenses for medical care described in Code Section 213(d) previously incurred by the Employee, the Employee's spouse, designated Beneficiary, or any dependents of the Employee or necessary for these persons to obtain such medical care; (B) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments); (C) Payment of tuition, related educational fees, and room and board expenses, for the next 12 months of post- post-secondary education for the Employee, or the Employee's spouse, designated Beneficiary, children, or dependents; (D) Payments necessary to prevent the eviction of the Employee from the Employee's principal residence or foreclosure on the mortgage on that residence; (E) Payments for burial or funeral expenses for the Employee’s deceased parent, spouse, designated Beneficiary, children or dependents (as defined in Code Section 152(d)(1)(B)); or (F) Expenses for the repair of damage to the employee’s principal residence that would qualify for the casualty deduction under Code Section 165 (without regard to whether the loss exceeds 10 of adjusted gross income). (G) Expenses resulting from a federally declared disaster in an area designated by the Federal Emergency Management Agency. In addition, the Employee must certify and agree that: (H) The withdrawal is not in excess of the amount of the immediate and heavy financial need of the Employee. (The amount of an immediate and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal.) (I) A financial hardship withdrawal under this subsection (v) may not include any earnings or investment gains on the salary reduction contribution amounts while held in the Account. The Employer will make final determination of a financial hardship and shall notify the Custodian of a financial hardship withdrawal. For purposes of subsection (a)(ii) above, an Employee who transfers from his or her Employer to another entity within the Employer’s controlled group (as defined in Code Section 414(b) or (c) as applicable to tax exempt organizations) which is not an eligible Employer, the Employee shall be considered as having terminated service with the Employer.

Withdrawals by Employee. The Employee may, after certified by the Employer, make withdrawals from the Account at the time(s) directed by the Employee on a form or other written directions acceptable to and filed with the Custodian, subject to the provisions of this section. (a) Events Permitting Withdrawal. No withdrawal of amounts consisting of salary reduction contributions under Section 3.2 may be made from the Account before the earliest of: (i) the date the employee reaches age 59½ ; (ii) the date the Employee separates from service with the Employer for any reason, including retirement; (iii) the date the Employee becomes disabled; as used in this subsection (iii), "disabled" means unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long continued and indefinite duration; the Custodian may require the Employee to furnish a certificate of a licensed physician stating that the Employee is so disabled or may require the Employee to provide satisfactory evidence that the Employee has been awarded Social Security disability benefits before processing any withdrawals on account of the Employee's disability; (iv) the termination of the 403(b) arrangement as provided in Article 11; or (v) the date the Employee encounters financial hardship within the meaning of Code Section 403(b)(7)(A)(ii) and applicable Treasury regulations and the provisions of this subsection (v). However, financial hardship withdrawals shall only be permitted with respect to a 403(b) arrangement sponsored by an Employer which is a state or local government or governmental agency and thus not subject to ERISA. The Employee must provide to the Employer adequate verification and/or documentation of the existence of the Employee's financial hardship and the amount needed to meet the financial hardship as the Employer determines. If so provided in the Adoption Agreement (or in procedures adopted by the Custodian), the Employee may apply for a hardship withdrawal. The Employee must certify to the Employer that the withdrawal is needed to meet one of the following situations: (A) Expenses for medical care described in Code Section 213(d) previously incurred by the Employee, the Employee's spouse, designated Beneficiary, or any dependents of the Employee or necessary for these persons to obtain such medical care; (B) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments); (C) Payment of tuition, related educational fees, and room and board expenses, for the next 12 months of post- secondary education for the Employee, or the Employee's spouse, designated Beneficiary, children, or dependents; (D) Payments necessary to prevent the eviction of the Employee from the Employee's principal residence or foreclosure on the mortgage on that residence; (E) Payments for burial or funeral expenses for the Employee’s deceased parent, spouse, designated Beneficiary, children or dependents (as defined in Code Section 152(d)(1)(B)); or (F) Expenses for the repair of damage to the employee’s principal residence that would qualify for the casualty deduction under Code Section 165 (without regard to whether the loss exceeds 10 of adjusted gross income). (G) Expenses resulting from a federally declared disaster in an area designated by the Federal Emergency Management Agency. In addition, the Employee must certify and agree that: (HG) The withdrawal is not in excess of the amount of the immediate and heavy financial need of the Employee. (The amount of an immediate and heavy financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal.) (IH) The Employee may not make any salary reduction contributions to the Account (or to any other plan maintained by the Employee's employer for a period of 6 months after receiving the hardship withdrawal. A financial hardship withdrawal under this subsection (v) may not include any earnings or investment gains on the salary reduction contribution amounts while held in the Account. The Employer will make final determination of a financial hardship and shall notify the Custodian of a financial hardship withdrawal. For purposes of subsection (a)(ii) above, an Employee who transfers from his or her Employer to another entity within the Employer’s controlled group (as defined in Code Section 414(b) or (c) as applicable to tax exempt organizations) which is not an eligible Employer, the Employee shall be considered as having terminated service with the Employer.

Withdrawals by Employee. The Employee may, after certified by the Employer, may make withdrawals from the Account at the time(s) directed by the Employee on a form or other written directions acceptable accept- able to and filed with the Custodian, subject to the provisions of this section. (a) Events Permitting WithdrawalWithdrawal of Salary Reduction Contributions. No withdrawal of amounts consisting of salary reduction contributions under Section 3.2 3.2(a) may be made from the Account before the earliest of: (i) the date the employee Employee reaches age 59½ 591⁄2; (ii) the date the Employee separates from service with the Employer for any reasonrea- son, including retirement; (iii) the date the Employee becomes disabled; as used in this subsection (iii), "disabled" “dis- abled” means unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long long-continued and indefinite duration; the Custodian may require the Employee to furnish a certificate of a licensed physician stating that the Employee is so disabled or may require the Employee to provide satisfactory evidence that the Employee has been awarded award- ed Social Security disability benefits before processing any withdrawals on account of the Employee's ’s disability; (iv) the termination of the 403(b) arrangement as provided in Article 11; or (viv) the date the Employee encounters financial hardship within the meaning of Code Section 403(b)(7)(A)(ii) and applicable Treasury regulations and regulations; before pro- cessing a hardship withdrawal, the provisions of this subsection (v). However, financial hardship withdrawals shall only be permitted with respect Custodian may require the Employee to a 403(b) arrangement sponsored by an Employer which is a state or local government or governmental agency and thus not subject to ERISA. The Employee must provide to the Employer adequate verification and/or documentation of the existence of such a financial hardship (which may include furnishing a certificate of an independent person appointed by the Employer, stating that the Employee has a financial hard- ship and the amount needed to meet the financial hardship, or such other evidence or certification of the Employee's ’s financial hardship and the amount needed to meet the financial hardship as the Employer Custodian determines). If Notwithstanding the preceding paragraph, if so provided in the Adoption Agreement Account Application (or in procedures adopted by the Custodian), the Employee may apply for a hardship withdrawalwithdrawal by telephonic or other electronic means. The If so, the Employee must certify will be deemed to the Employer have certified that the withdrawal is needed need- ed to meet one of the following situations: (A) Expenses for medical care described in Code Section 213(d) previously incurred by the Employee, the Employee's ’s spouse, designated Beneficiary, or any dependents of the Employee or necessary for these persons to obtain such medical care; (B) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments); (C) Payment of tuition, related educational fees, and room and board expensesexpens- es, for the next 12 months of post- post-secondary education for the Employee, or the Employee's ’s spouse, designated Beneficiary, children, or dependents;; or (D) Payments necessary to prevent the eviction of the Employee from the Employee's ’s principal residence or foreclosure on the mortgage on that residence; (E) Payments for burial or funeral expenses for the Employee’s deceased parent, spouse, designated Beneficiary, children or dependents (as defined in Code Section 152(d)(1)(B)); or (F) Expenses for the repair of damage to the employee’s principal residence that would qualify for the casualty deduction under Code Section 165 (without regard to whether the loss exceeds 10 of adjusted gross income). (G) Expenses resulting from a federally declared disaster in an area designated by the Federal Emergency Management Agency. In addition, the Employee must certify will be deemed to have certified and agree agreed that: (HE) The withdrawal is not in excess of the amount of the immediate and heavy financial need of the Employee. (The amount of an immediate and heavy financial need may include any amounts necessary to pay any federalfed- eral, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal).) (IF) The Employee may not make any salary reduction contributions to the Account (or to any other plan maintained by the Employee’s Employer for a period of 6 months after receiving the hardship withdrawal. When the Employee resumes salary reduction contributions to the Account, the limit on salary reduction contributions under Code Section 402(g) will be reduced to the extent required by and in a manner consistent with any applicable regulations or rulings of the Internal Revenue Service on sus- pension of contributions following a hardship withdrawal. A financial hardship withdrawal under this subsection (viv) may not include any earnings or investment gains on the salary reduction contribution contri- bution amounts while held in the Account. The Employer will make final determination of a financial hardship and shall notify the Custodian of a financial hardship withdrawal. For purposes of subsection (a)(ii) above, an Employee who transfers from his or her Employer to another entity within the Employer’s controlled group (as defined in Code Section 414(b) or (c) as applicable to tax exempt organizations) which is not an eligible Employer, the Employee shall be considered as having terminated service with the Employer.