Common use of Withdrawals on Account of Hardship Clause in Contracts

Withdrawals on Account of Hardship. (a) If the Employer has so elected in the Plan Agreement, upon a Participant's written request (or in such other manner as shall be made available and agreed upon by the Employer and Putnxx), xhe Plan Administrator may permit a withdrawal of funds from the vested portion of the Participant's Accounts on account of the Participant's financial hardship, which must be demonstrated to the satisfaction of the Plan Administrator, provided, that no hardship withdrawal shall be made from a Qualified Nonelective Contribution Account or Qualified Matching Account. In considering such requests, the Plan Administrator shall apply uniform standards that do not discriminate in favor of Highly Compensated Employees. If hardship withdrawals are permitted from more than one of the Elective Deferral Account, Rollover Account, Employer Matching Account, and Employer Contribution Account, they shall be made first from a Participant's Elective Deferral Account, then from his Rollover Account, then from his Employer Matching Account, and finally from his Employer Contribution Account, as applicable. A withdrawn amount may not be repaid to the Plan. (b) The maximum amount that may be withdrawn on account of hardship from an Elective Deferral Account after December 31, 1988, shall not exceed the sum of (1) the amount credited to the Account as of December 31, 1988, and (2) the aggregate amount of the Elective Deferrals made by the Participant after December 31, 1988, and before the hardship withdrawal. (c) Hardship withdrawals shall be permitted only on account of the following financial needs: (1) Expenses for medical care described in Section 213(d) of the Code for the Participant, his spouse, children and dependents, or necessary for these persons to obtain such care; (2) Purchase of the principal residence of the Participant (excluding regular mortgage payments); 50 (3) Payment of tuition and related educational fees and room and board expenses for the upcoming 12 months of post-secondary education for the Participant, his spouse, children or dependents; or (4) Payments necessary to prevent the Participant's eviction from, or the foreclosure of a mortgage on, his principal residence. (d) Hardship withdrawals shall be subject to the spousal consent requirements contained in Sections 411(a)(11) and 417 of the Code, to the same extent that those requirements apply to a Participant pursuant to Section 10.1. (e) A hardship withdrawal will be made to a Participant only upon satisfaction of the following conditions: (1) The Participant has obtained all nontaxable loans and all distributions other than hardship withdrawals available to him from all plans maintained by the Affiliated Employers; (2) The hardship withdrawals does not exceed the amount of the Participant's financial need as described in paragraph (c) plus any amounts necessary to pay federal, state and local income taxes and penalties reasonably anticipated to result from the withdrawals; (3) With respect to withdrawals from an Elective Deferral Account, all plans maintained by the Affiliated Employers provide that the Participant's Elective Deferrals and voluntary after-tax contributions will be suspended for a period of 12 months following his receipt of a hardship withdrawal; and (4) With respect to withdrawals from an Elective Deferral Account, all plans maintained by the Affiliated Employers provide that the amount of Elective Deferrals that the Participant may make in his taxable year immediately following the year of a hardship withdrawal will not exceed the applicable limit under Section 402(g) of the Code for the taxable year, reduced by the amount of Elective Deferrals made by the Participant in the taxable year of the hardship withdrawal.

Withdrawals on Account of Hardship. (a) If the Employer has so no elected in the Plan Agreement, ,upon a Participant's written request (or in such other manner as shall be made available and agreed upon by the Employer and PutnxxPutnam), xhe the Plan Administrator may permit a withdrawal of funds from fuxxx xxom the vested portion of the Participant's Accounts on account of the Participant's financial hardship, which must be demonstrated to the satisfaction of the Plan Administrator, provided, that no hardship withdrawal shall be made from a Qualified Nonelective Contribution Account or Qualified Matching Marching Account. In considering such requests, the Plan Administrator shall apply uniform standards that do not discriminate in favor of Highly Compensated Employees. If hardship withdrawals are permitted from more than one of the Elective Deferral Account, Rollover Account, Employer Matching Account, and Employer Contribution Account, they shall be made first from a Participant's Elective Deferral Account, then from his Rollover Account, then from his Employer Matching Account, and finally from his Employer Contribution Account, as applicable. A withdrawn amount may not be repaid to the Plan. (b) The maximum amount that may be withdrawn on account of hardship from an Elective Deferral Account after December 31, 1988, shall not exceed the sum sin of (1) the amount credited to the Account as of December 31, 1988, and (2) the aggregate amount of the Elective Deferrals made by the Participant after December 31, 1988, and before the hardship withdrawal. (c) Hardship withdrawals shall be permitted only on account of the following financial needs: (1) Expenses for medical care described in Section 213(d) of the Code for the Participant, his spouse, children and dependents, or necessary for these persons to obtain such care; (2) Purchase of the principal residence of the Participant (excluding regular mortgage payments); 50; (3) Payment of tuition and related educational fees and room and board expenses for the upcoming 12 months of post-secondary education for the Participant, his spouse, children or dependents; or (4) Payments necessary to prevent the Participant's eviction from, or the foreclosure of a mortgage on, his principal residence. (d) Hardship withdrawals shall be subject to the spousal consent requirements contained in Sections 411(a)(11411(a)(ll) and 417 of the Code, to the same extent that those requirements apply to a Participant pursuant to Section 10.1. (e) A hardship withdrawal will be made to a Participant only upon satisfaction of the following conditions: (1) The Participant has obtained all nontaxable loans and all distributions other than hardship withdrawals available to him from all plans maintained by the Affiliated Employers; (2) The hardship withdrawals does not exceed the amount of the Participant's financial need as described in paragraph (c) plus any amounts necessary to pay federal, state and local income taxes and penalties reasonably anticipated to result from the withdrawals; (3) With respect to withdrawals from an Elective Deferral Account, all plans maintained by the Affiliated Employers provide that the Participant's Elective Deferrals and voluntary after-tax contributions will be suspended for a period of 12 months following his receipt of a hardship withdrawal; and (4) With respect to withdrawals from an Elective Deferral Account, all plans maintained by the Affiliated Employers provide that the amount of Elective Deferrals that the Participant may make in his taxable year immediately following the year of a hardship withdrawal will not exceed the applicable limit under Section 402(g) of the Code for the taxable year, reduced by the amount of Elective Deferrals made by the Participant in the taxable year of the hardship withdrawal.

Withdrawals on Account of Hardship. (a) If the Employer has so elected in the Plan Agreement, upon a Participant's written request (or in such other manner as shall be made available and agreed upon by the Employer and Putnxx), xhe Plan Administrator may permit a withdrawal of funds from the vested portion of the Participant's Accounts on account of the Participant's financial hardship, which must be demonstrated to the satisfaction of the Plan Administrator, provided, that no hardship withdrawal shall be made from a Qualified Nonelective Contribution Account or Qualified Matching Account. In considering such requests, the Plan Administrator shall apply uniform standards that do not discriminate in favor of Highly Compensated Employees. If hardship withdrawals are permitted from more than one of the Elective Deferral Account, Rollover Account, Employer Matching Account, and Employer Contribution Account, they shall be made first from a Participant's Elective Deferral Account, then from his Rollover Account, then from his Employer Matching Account, and finally from his Employer Contribution Account, as applicable. A withdrawn amount may not be repaid to the Plan. (b) The maximum amount that may be withdrawn on account of hardship from an Elective Deferral Account after December 31, 1988, shall not exceed the sum of (1) the amount credited to the Account as of December 31, 1988, and (2) the aggregate amount of the Elective Deferrals made by the Participant after December 31, 1988, and before the hardship withdrawal. (c) Hardship withdrawals shall be permitted only on account of the following financial needs: (1) Expenses for medical care described in Section 213(d) of the Code for the Participant, his spouse, children and dependents, or necessary for these persons to obtain such care; (2) Purchase of the principal residence of the Participant (excluding regular mortgage payments); 50; (3) Payment of tuition and related educational fees and room and -67- 127 board expenses for the upcoming 12 months of post-secondary education for the Participant, his spouse, children or dependents; or (4) Payments necessary to prevent the Participant's eviction from, or the foreclosure of a mortgage on, his principal residence. (d) Hardship withdrawals shall be subject to the spousal consent requirements contained in Sections 411(a)(11) and 417 of the Code, to the same extent that those requirements apply to a Participant pursuant to Section 10.1. (e) A hardship withdrawal will be made to a Participant only upon satisfaction of the following conditions: (1) The Participant has obtained all nontaxable loans and all distributions other than hardship withdrawals available to him from all plans maintained by the Affiliated Employers; (2) The hardship withdrawals does not exceed the amount of the Participant's financial need as described in paragraph (c) plus any amounts necessary to pay federal, state and local income taxes and penalties reasonably anticipated to result from the withdrawals; (3) With respect to withdrawals from an Elective Deferral Account, all plans maintained by the Affiliated Employers provide that the Participant's Elective Deferrals and voluntary after-tax contributions will be suspended for a period of 12 months following his receipt of a hardship withdrawal; and (4) With respect to withdrawals from an Elective Deferral Account, all plans maintained by the Affiliated Employers provide that the amount of Elective Deferrals that the Participant may make in his taxable year immediately following the year of a hardship withdrawal will not exceed the applicable limit under Section 402(g) of the Code for the taxable year, reduced by the amount of Elective Deferrals made by the Participant in the taxable year of the hardship withdrawal.

Withdrawals on Account of Hardship. (a) If the Employer has so elected in the Plan Agreement, upon a Participant's written request (or in such other manner as shall be made available and agreed upon by the Employer and PutnxxXxxxxx), xhe the Plan Administrator may permit a withdrawal of funds from the vested portion of the Participant's Accounts on account of the Participant's financial hardship, which must be demonstrated to the satisfaction of the Plan Administrator, provided, that no hardship withdrawal shall be made from a Qualified Nonelective Contribution Account or Qualified Matching Account. In considering such requests, the Plan Administrator shall apply uniform standards that do not discriminate in favor of Highly Compensated Employees. If hardship withdrawals are permitted from more than one of the Elective Deferral Account, Rollover Account, Employer Matching Account, and Employer Contribution Account, they shall be made first from a Participant's Elective Deferral Account, then from his Rollover Account, then from his Employer Matching Account, and finally from his Employer Contribution Account, as applicable. A withdrawn amount may not be repaid to the Plan. (b) The maximum amount that may be withdrawn on account of hardship from an Elective Deferral Account after December 31, 1988, shall not exceed the sum of (1) the amount credited to the Account as of December 31, 1988, and (2) the aggregate amount of the Elective Deferrals made by the Participant after December 31, 1988, and before the hardship withdrawal. (c) Hardship withdrawals shall be permitted only on account of the following financial needs: (1) Expenses for medical care described in Section 213(d) of the Code for the Participant, his spouse, children and dependents, or necessary for these persons to obtain such care; (2) Purchase of the principal residence of the Participant (excluding regular mortgage payments); 50; (3) Payment of tuition and related educational fees and room and board expenses for the upcoming 12 months of post-secondary education for the Participant, his spouse, children or dependents; or (4) Payments necessary to prevent the Participant's eviction from, or the foreclosure of a mortgage on, his principal residence. (d) Hardship withdrawals shall be subject to the spousal consent requirements contained in Sections 411(a)(11) and 417 of the Code, to the same extent that those requirements apply to a Participant pursuant to Section 10.1. (e) A hardship withdrawal will be made to a Participant only upon satisfaction of the following conditions: (1) The Participant has obtained all nontaxable loans and all distributions other than hardship withdrawals available to him from all plans maintained by the Affiliated Employers; (2) The hardship withdrawals does not exceed the amount of the Participant's financial need as described in paragraph (c) plus any amounts necessary to pay federal, state and local income taxes and penalties reasonably anticipated to result from the withdrawals; (3) With respect to withdrawals from an Elective Deferral Account, all plans maintained by the Affiliated Employers provide that the Participant's Elective Deferrals and voluntary after-tax contributions will be suspended for a period of 12 months following his receipt of a hardship withdrawal; and (4) With respect to withdrawals from an Elective Deferral Account, all plans maintained by the Affiliated Employers provide that the amount of Elective Deferrals that the Participant may make in his taxable year immediately following the year of a hardship withdrawal will not exceed the applicable limit under Section 402(g) of the Code for the taxable year, reduced by the amount of Elective Deferrals made by the Participant in the taxable year of the hardship withdrawal.