HARDSHIP DISTRIBUTIONS Sample Clauses
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HARDSHIP DISTRIBUTIONS. (Plan Sections 6.12 and/or 12.10) (may not be selected if this is a Money Purchase Pension Plan)
a. [ ] Hardship distributions are NOT permitted (skip to Question 38).
b. [X] Hardship distributions are permitted from the following Participant Accounts:
1. [ ] all Accounts
2. [X] only from the following Accounts (select one or more):
a. [X] Pre-Tax Elective Deferral Account (may only be selected with 401(k) Plans)
b. [X] ▇▇▇▇ Elective Deferral Account (may only be selected with 401(k) Plans)
c. [ ] Account(s) attributable to Employer matching contributions (may only be selected with 401(k) Plans)
d. [ ] Account attributable to Employer Nonelective Contributions
e. [X] Rollover Account (if not available at any time under Question 43)
f. [ ] Transfer Account (other than amounts attributable to a money purchase pension plan)
g. [ ] Other: (specify Account(s) and conditions in a manner that is definitely determinable and not subject to Employer discretion)
3. [ ] N/A (no additional limitations)
4. [X] Additional limitations (select one or more):
a. [ ] The minimum amount of a distribution is $ (may not exceed $1,000).
b. [ ] No more than distribution(s) may be made to a Participant during a Plan Year.
c. [ ] Distributions may only be made from Accounts which are fully Vested.
d. [X] A Participant does not include a Former Employee at the time of the hardship distribution.
e. [ ] Hardship distributions from the ▇▇▇▇ Elective Deferral Account may only be made if the distribution is a "qualified distribution." (may only be selected with 401(k) Plans)
f. [ ] Hardship distributions may be made subject to the following provisions:
HARDSHIP DISTRIBUTIONS. Distributions based on hardship.
HARDSHIP DISTRIBUTIONS. If the Plan is designated in the Adoption Agreement as a Cash or Deferred Profit Sharing Plan or a Profit Sharing Plan and the Employer elects in the Adoption Agreement to permit hardship distributions, a Participant may request a distribution from the Plan as a result of immediate and heavy financial needs of the Participant to the extent that the distribution is necessary to satisfy such financial needs. Hardship distributions are subject to the spousal consent requirements contained in Sections 401(a)(11) and 417 of the Code. The determination of whether a Participant has an immediate and heavy financial need shall be made by the Plan Administrator on the basis of all relevant facts and circumstances. A distribution shall be deemed to be made on account of an immediate and heavy financial need if the distribution is on account of:
(a) Deductible medical expenses described in Section 213(d) of the Code incurred or necessary for medical care of the Participant, his spouse or dependents;
(b) Purchase (excluding mortgage payments) of a principal residence for the Participant;
(c) Cost of tuition and related educational fees for the next 12 months of post-secondary education for the Participant, his spouse, children or dependents; or
(d) The need to prevent the eviction of the Participant from his principal residence or foreclosure on the mortgage of the Participant's principal residence. A distribution shall be considered as necessary to satisfy an immediate and heavy financial need of the Participant only if:
(a) The Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans under all plans maintained by the Employer;
(b) All plans maintained by the Employer provide that the Participant's elective Deferrals and employee contributions shall be suspended for twelve (12) months after the receipt of the hardship distribution;
(c) The distribution is not in excess of the amount of an 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); and
(d) All plans maintained by the Employer provide that the Participant may not make Elective Deferrals for the Participant's taxable year immediately following the taxable year of the hardship distribution in excess of the applicable limit under Section 402(g) of the Code for such taxable year less the amount of such Participant's Elective Deferrals for th...
HARDSHIP DISTRIBUTIONS. Reduction of Section 402(g) of the Code following hardship distribution. If the plan provides for hardship distributions upon satisfaction of the safe harbor (deemed) standards as set forth in Treas. Reg. Section 1.401(k)-1(d)(2)(iv), then effective as of the date the elective deferral suspension period is reduced from 12 months to 6 months pursuant to EGTRRA, there shall be no reduction in the maximum amount of elective deferrals that a Participant may make pursuant to Section 402(g) of the Code solely because of a hardship distribution made by this plan or any other plan of the Employer.
HARDSHIP DISTRIBUTIONS. Hardship distributions are: [X] (1) permitted and shall be made from the vested portion of a Participant's Accounts (other than his or her Qualified Nonelective Contributions Account, Qualified Matching Contributions Account, QVEC Account, earnings accrued after December 31, 1988 on the Participant's Pre-Tax Contributions, or Safe Harbor Contributions under Section 3.16) as provided in Section 5.9.1. [ ] (2) not permitted.
HARDSHIP DISTRIBUTIONS. Effective January 1, 1989, if available and elected by the Employer in the Adoption Agreement, a Participant may request a distribution due to hardship from the vested portion of his or her Accounts, (other than from his or her Qualified Nonelective Contributions Account, Qualified Matching Contributions Account or earnings accrued after December 31, 1988, on the Participant's Elective Deferrals) only if the distribution is made both due to an immediate and heavy financial need of the Participant and is necessary to satisfy such financial need.
HARDSHIP DISTRIBUTIONS. Unless elected below, the hardship distribution provisions of the Plan do not apply with respect to primary beneficiaries. See Section C-2.01(c)
HARDSHIP DISTRIBUTIONS. The Participant who encounters financial Hardship shall be entitled to a distribution from the Participant Account in the form of a single payment of an amount not in excess of the Contributions made to the Participant Account pursuant to a Salary Reduction Agreement (but no earnings thereon) if not prohibited by the Plan or any applicable law or regulation. This amount will be distributed to the Participant upon receipt of written notice from the Participant of the reasons for the hardship and certification from the Employer or the TPA for the Plan that the requirements for a Hardship distribution under the Code have been met. The Employer or TPA will instruct the Custodian to make the Hardship distribution to the Participant.
HARDSHIP DISTRIBUTIONS. An Employee may not have Elective Contributions made on his or her behalf for the taxable year following the taxable year of a hardship distribution in excess of the applicable limit under Section 402(g) of the Code for such taxable year less the amount of the Employee's Elective Deferrals for the taxable year of the hardship distribution.
HARDSHIP DISTRIBUTIONS. Section 2.5.5 provides that an Employer may permit distributions to Participants while employed in the event of financial hardship as specified in the Plan:
a. Hardship distributions are permitted.