EACA Permissible Withdrawal Sample Clauses
The EACA permissible withdrawal clause defines the conditions under which a participant may withdraw funds from their retirement plan account under the Eligible Automatic Contribution Arrangement (EACA) provisions. Typically, this clause allows employees who are automatically enrolled in a retirement plan to request a refund of their automatic contributions within a specified period, such as 90 days from the first contribution. This mechanism provides employees with flexibility if they do not wish to participate in the plan, ensuring that inadvertent or unwanted contributions can be reversed and helping to address concerns about automatic enrollment.
EACA Permissible Withdrawal. The permissible withdrawal provisions of Section 3.02(B)(2)(d) (Choose a., b. or c.):
a. Do Not Apply.
EACA Permissible Withdrawal. The permissible withdrawal provisions of Section 3.02(B)(2)(d) (Choose a., b. or c.):
a. 🞎 Do Not Apply.
b. 🞎 90 Day Withdrawal. Apply within 90 days of the first Automatic Deferral.
c. 🞎 30-90 Day Withdrawal. Apply within days of the first Automatic Deferral. (The number of days may not be less than 30 or more than 90 days, and is subject to the Vendor’s operational capabilities.)
EACA Permissible Withdrawal. The Employer will elect in its Adoption Agreement whether a Participant who has Automatic Deferrals under the EACA may elect to withdraw all the Automatic Deferrals (and allocable earnings) under the provisions of this Section 3.02(B)(2)(d). Any distribution made pursuant to this Section will be processed in accordance with normal distribution provisions of the Plan.
EACA Permissible Withdrawal. The Employer will elect in its Adoption Agreement whether a Participant who has Automatic Deferrals under the EACA may elect to withdraw all the Automatic Deferrals (and allocable earnings) under the provisions of this Section 3.02(B)(2)(d). Any distribution made pursuant to this Section will be processed in accordance with normal distribution provisions of the Plan.
(i) Amount. If a Participant elects a permissible withdrawal under this Section 3.02(B)(2)(d), then the Plan must make a distribution equal to the amount (and only the amount) of the Automatic Deferrals made under the EACA (adjusted for Earnings to the date of the distribution).The Plan may account separately for Automatic Deferrals, in which case the Plan will distribute the entire Account. If the Plan does not account separately for the Automatic Deferrals, then the Plan must determine Earnings in the same manner applied to determine Allocable Income to the refund of Excess Contributions under Section 4.11(C)(2)(a).
EACA Permissible Withdrawal. If elected in the Adoption Agreement, a Participant who has Automatic Deferrals under the EACA may elect to withdraw all the Automatic Deferrals (and allocable earnings) under the provisions of this Subsection. Any distribution made pursuant to this Section will be processed in accordance with normal distribution provisions of the Plan.