Distribution of Elective Deferrals. Elective Deferrals can only be distributed upon the earliest to occur of the following dates: (1) a Participant Terminates Employment (separates from service, for Plan Years beginning before 2002) with the Employer; (2) a Participant dies; (3) a Participant suffers a Disability; (4) an event that is described in Code §401(k)(10) occurs; (5) a Participant reaches Age 59½ (if on or before such date, a pre-retirement in-service withdrawal of Elective Deferrals is elected in the Adoption Agreement); or (6) if financial hardship distributions are elected in the Adoption Agreement, the Participant qualifies for a financial hardship distribution under Section 5.16. With respect to clause (4) of the prior sentence, Elective Deferrals can be distributed (in a lump sum only) upon termination of the Plan, so long as the Sponsoring Employer (or an Affiliated Employer) does not maintain an alternative defined contribution plan at any time during the period beginning on the date of Plan termination and ending 12 months after all assets have been distributed from the terminated Plan. However, if at all times during the 24-month period beginning 12 months before the date of Plan’s termination, fewer than 2% of the Employees who were eligible to participate in the 401(k) Plan as of the date of the Plan’s termination are eligible to participate in the other defined contribution plan, the other defined contribution plan is not an alternative defined contribution plan. A defined contribution plan is also not an alternative defined contribution plan if the defined contribution plan is an employee stock ownership plan as defined in Code §4975(e)(7) or Code §409(a), a simplified employee pension as defined in Code §408(k), a SIMPLE XXX plan as defined in Code §408(p), a plan or contract that is described in Code§ 403(b), or a plan that is described in Code §457(b) or Code §457(f).
Distribution of Elective Deferrals. Excess Deferrals, as adjusted for investment performance allocable thereto (as set out in Article 4.8), shall be distributed no later than April 15.
Distribution of Elective Deferrals. (and any earnings credited to a Participant's account as of the end of the last Plan Year ending before July 1, 1989) may be made to a Participant in the event of hardship. For the purpose of this section, hardship is defined as an immediate and heavy financial need of the Employee where such employee lacks other available resources. Hardship distributions are subject to the spousal consent requirements contained in Sections 401(a)(911) and 417 of the Code. Special rules:
