Common use of Hardship Withdrawals Clause in Contracts

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts must be consented to by the Participant’s Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If elected in the Adoption Agreement, fully vested profit-sharing contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 4 contracts

Samples: Nonstandardized Adoption Agreement (Chicopee Bancorp, Inc.), Prototype Defined Contribution Plan (United Community Bancorp), Prototype Defined Contribution Plan (FNB United Corp.)

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Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts make a withdrawal on account of Hardship must be consented to by the Participant’s Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 6.6 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions Deferrals or Xxxx Elective Deferrals (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If Unless elected otherwise in the Adoption Agreement, fully vested profitNon-sharing contributionsElective Contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate designate, who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 3 contracts

Samples: Prototype Defined Contribution Plan (Fraternity Community Bancorp Inc), Prototype Defined Contribution Plan (Old Dominion Freight Line Inc/Va), ASB Bancorp Inc

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts make a withdrawal on account of Hardship must be consented to by the Participant’s Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 6.6 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions Deferrals or Xxxx Elective Deferrals and (and i) any earnings credited to a Participant’s account on Elective Deferrals and (ii) Qualified Non-Elective and Qualified Matching Contributions and earnings thereon credited to a Participant’s Account — as of the later of December 31, 1988, 1988 and the end of the last Plan Year ending before July 1, 1989). If Unless elected otherwise in the Adoption Agreement, fully vested profitNon-sharing contributionsElective Contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 591/2 or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate designate, who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 2 contracts

Samples: Participation Agreement (Sterling Chemicals Inc), Sterling Chemicals Inc

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts make a withdrawal on account of Hardship must be consented to by the Participant’s 's Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof8.7. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 6.6 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions Deferrals or Xxxx Elective Deferrals (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If Unless elected otherwise in the Adoption Agreement, fully vested profitNon-sharing contributionsElective Contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 59½ or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate designate, who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 2 contracts

Samples: Prototype Defined Contribution Plan, Prototype Defined Contribution Plan

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts make a withdrawal on account of Hardship must be consented to by the Participant’s 's Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 6.6 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions Deferrals or Xxxx Elective Deferrals (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If Unless elected otherwise in the Adoption Agreement, fully vested profitNon-sharing contributionsElective Contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 59½ or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate designate, who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 2 contracts

Samples: Prototype Defined Contribution Plan (1st Constitution Bancorp), Prototype Defined Contribution Plan (Wellesley Bancorp, Inc.)

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts must be consented to by the Participant’s 's Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions (and any earnings credited to a Participant’s 's account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If elected in the Adoption Agreement, fully vested profit-sharing contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 2 contracts

Samples: Nonstandardized Adoption Agreement (Banctrust Financial Group Inc), Nonstandardized Adoption Agreement (Banctrust Financial Group Inc)

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11401(a)(l1) and 417. A request to withdraw amounts must be consented to by the Participant’s Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If elected in the Adoption Agreement, fully vested profit-sharing contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 1 contract

Samples: Prototype Defined Contribution Plan (Georgetown Bancorp, Inc.)

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts must be consented to by the Participant’s 's Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If elected in the Adoption Agreement, fully vested profit-sharing contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 59½ or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 1 contract

Samples: Measurement Specialties Inc

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Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts must be consented to by the Participant’s Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If elected in the Adoption Agreement, fully vested profit-sharing contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 591/2 or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 1 contract

Samples: Century Bancorp Inc

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts must be consented to by the Participant’s 's Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions (and any earnings credited to a Participant’s 's account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If elected in the Adoption Agreement, fully vested profit-sharing contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 591/2 or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 1 contract

Samples: Thomasville Bancshares Inc

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts make a withdrawal on account of Hardship must be consented to by the Participant’s Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 6.6 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions Deferrals or Xxxx Elective Deferrals (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If Unless elected otherwise in the Adoption Agreement, fully vested profitNon-sharing contributionsElective Contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 591/2 or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate designate, who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 1 contract

Samples: Prototype Defined Contribution Plan (Athens Bancshares Corp)

Hardship Withdrawals. If elected in the Adoption Agreement, a Participant may request a Hardship withdrawal as provided in this paragraph. If applicable, Hardship withdrawals are subject to the spousal consent requirements in Code Sections 401(a)(11) and 417. A request to withdraw amounts make a withdrawal on account of Hardship must be consented to by the Participant’s 's Spouse unless the Plan satisfies the safe harbor provisions under paragraph 8.7 hereof. Spousal consent, if required, shall comply with the requirements of paragraph 6.4 6.6 relating to immediate distributions. If elected in the Adoption Agreement, a Participant shall be permitted to make a Hardship withdrawal of any amount attributable to the vested portion of Elective Deferral Contributions Deferrals or Rxxx Elective Deferrals (and any earnings credited to a Participant’s account as of the later of December 31, 1988, and the end of the last Plan Year ending before July 1, 1989). If Unless elected otherwise in the Adoption Agreement, fully vested profitNon-sharing contributionsElective Contributions, Matching Contributions, Rollover Contributions, Transfer Contributions and the income allocable to each (without regard to attainment of age 59 1/2 59½ or Disability) may be available for Hardship withdrawal if the Participant establishes that an immediate and heavy financial need exists and the withdrawal is necessary to satisfy such financial need. A Participant may withdraw all or any part of the fair market value of his or her Voluntary or Required After-tax Contributions due to a Hardship upon request to the Plan Administrator. Such request shall be made in accordance with procedures adopted by the Plan Administrator or his or her designate designate, who shall have sole authority to authorize and direct a Hardship withdrawal pursuant to the following rules:

Appears in 1 contract

Samples: Prototype Defined Contribution Plan (Savannah Bancorp Inc)

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