Financial Hardship Withdrawals. (a) In general. A withdrawal can be made on account of financial hardship only if the withdrawal both is made on account of an immediate and heavy financial need of the Employee and is necessary to satisfy such financial need. The Plan Administrator shall determine the existence of an immediate and heavy financial need and the amount necessary to meet the need, in accordance with the nondiscriminatory and objective standards set forth in this Section. The determination of whether an Employee has an immediate and heavy financial need is to be made on the basis of all relevant facts and circumstances. A financial need shall not fail to qualify as immediate and heavy merely because such need was reasonably foreseeable or voluntarily incurred by the Employee. A Participant shall not be required to obtain the consent of his or her Spouse prior to obtaining a financial hardship withdrawal unless the Adoption Agreement specifically requires spousal consent.
Financial Hardship Withdrawals. If elected by us in Item Y(3), withdrawals of part of the Member's Account as provided in Item Y(3) will be permitted in the event of hardship due to an immediate and heavy financial need. Immediate and heavy financial need shall be limited to: (i) expenses incurred or necessary for medical care, described in Code Section 213(d), of the Member, the Member's spouse, or any dependents of the Member (as defined in Code Section 152); (ii) the purchase (excluding mortgage payments) of a principal residence for the Member; (iii) payment of tuition, related educational fees, and room and board expenses, for the next 12 months of post-secondary education for the Member, his spouse, children, or dependents; (iv) the need to prevent the eviction of the Member from, or foreclosure on the mortgage of, the Member's principal residence; or (v) any other distribution which is deemed by the Commissioner of Internal Revenue to be made on account of immediate and heavy financial need as provided in Treasury regulations. No withdrawal shall be allowed which is not necessary to satisfy such immediate and heavy financial need. Such withdrawal shall be deemed necessary only if all of the following requirements are met: (i) the distribution is not in excess of the amount of the immediate and heavy financial need (including amounts necessary to pay any Federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution); (ii) the Member has obtained all distributions, other than hardship distributions, and all nontaxable loans currently available under all plans maintained by us; (iii) the Plan, and all other plans maintained by us, provide that the Member's elective contributions and member contributions will be suspended for at least 12 months after receipt of the hardship distribution; and (iv) the Plan, and all other plans maintained by us, provide that the Member may not make elective contributions for the Member's taxable year immediately following the taxable year of the hardship distribution in excess of the applicable limit under Code Section 402(g) for such next taxable year less the amount of such Member's elective contributions for the taxable year of the hardship distribution. The Plan will suspend elective contributions and member contributions for 12 months and limit elective deferrals as provided in the preceding sentence. A Member shall not cease to be an Eligible Member, as defined in Section 3.07, merely because his electiv...
Financial Hardship Withdrawals. A distribution of the Deferred Compensation Account may be made to a Participant on account of financial hardship, subject to the following provisions:
Financial Hardship Withdrawals. (a) In general. A withdrawal can be made on account of financial hardship only if the withdrawal both is made on account of an immediate and heavy financial need of the Employee and is necessary to satisfy such financial need. The Plan Administrator shall determine the existence of an immediate and heavy financial need and the amount necessary to meet the need, in accordance with the nondiscriminatory and objective standards set forth in this Section. The determination of whether an Employee has an immediate and heavy financial need is to be made on the basis of all relevant facts and circumstances. A financial need shall not fail to qualify as immediate and heavy merely because such need was reasonably foreseeable or voluntarily incurred by the Employee. In the event that the provisions of Article VIII shall apply, as specified in the Adoption Agreement, a Participant shall be required to obtain the consent of his or her Spouse prior to obtaining a Financial Hardship Withdrawal. Such consent shall be in writing and shall be witnessed by a representative of the Plan or by a notary public. In the event that the provisions of Article VIII shall not apply, as specified in the Adoption Agreement, a Participant shall not be required to obtain the consent of his or her Spouse prior to obtaining a financial hardship withdrawal unless the Adoption Agreement specifically requires such consent.
Financial Hardship Withdrawals. 94 5.3 "Haircut" Withdrawals ................................. 95 5.4
Financial Hardship Withdrawals. 99 5.3 "Haircut" Withdrawals ................................. 100 5.4 College Education Withdrawals .........................
Financial Hardship Withdrawals. (a) In general
Financial Hardship Withdrawals. Financial hardship withdrawals may be made from the Plan [check desired option]: ý (A) Yes. o (B) No.
Financial Hardship Withdrawals. If this Plan is a profit-sharing plan (other than a profit-sharing plan which includes a cash or deferred arrangement described in Section 401(k) of the Code - that is, Adoption Agreement No. 002 or 004 was used by the Employer to adopt the Plan), if this option is selected in the Adoption Agreement, in-service withdrawals may be made by a Participant of any Vested portion of his Individual Account on account of financial hardship which cannot be met from the Participant's other available resources. The Plan Administrator, in a uniform and nondiscriminatory manner consistent with applicable Code requirements, will establish written guidelines for such hardship withdrawals. The Plan Administrator may require appropriate documentation to substantiate any such financial need as a condition for such a withdrawal and may establish any limitations on such withdrawal as he or she believes are necessary or appropriate for effective administration of the Plan. If this Plan is a profit-sharing plan which includes a cash or deferred arrangement described in Section 401(k) of the Code (that is, Adoption Agreement No. 005 or 006 was used by the Employer to adopt the Plan), if this option is selected in the Adoption Agreement, in- service financial hardship withdrawals will be limited to a Participant's rollover contribution sub-account and/or transfer contribution sub-account.
Financial Hardship Withdrawals. (a) In general (b) Deemed Financial Hardships (c) Other Financial Hardships (d) Other available resources (e) Withdrawal deemed necessary to satisfy financial need (f) Limitation on Amount Withdrawn 7.12. Attainment of Age 59-1/2
