Immediate and Heavy Financial Need. The determination of whether an immediate and heavy financial need exists shall be made by the Committee in a uniform and nondiscriminatory manner. The criteria may include the events described in Section 4.9(c) of this plan.
Immediate and Heavy Financial Need. A hardship distribution shall be permitted only if the distribution is due to:
Immediate and Heavy Financial Need. To be considered an immediate and heavy financial need, the Hardship distribution must be made on account of one of the following events:
Immediate and Heavy Financial Need. The determination by the Administrator of an immediate and heavy financial need will be based upon such severity that a Participant or former Participant, or the Participant’s (or former Participant’s) lineal ascendant or descendant, dependent, or Spouse is confronted or endangered by present or impending financial ruin, present or impending want, or privation. The Administrator will determine whether an immediate and heavy financial need exists based on all relevant facts and circumstances in a nondiscriminatory manner, and will not be limited to the circumstances enumerated in subparagraph (2) below. The Participant or former Participant must demonstrate the immediate and heavy financial need with positive evidence submitted to the Administrator, if positive evidence is readily available. However, the Administrator may rely upon representations from the Participant or former Participant as to the need for and amount of a financial hardship distribution, unless the Administrator has actual knowledge to the contrary.
Immediate and Heavy Financial Need. For purposes of this Section 8.1, financial hardship shall consist of:
Immediate and Heavy Financial Need. Safe Harbor. A financial need will not be considered immediate and heavy unless it is for: (i) expenses incurred or necessary for medical care, as described in Code Section 213(d), of the Participant, his or her spouse or dependents; (ii) the purchase (excluding mortgage payments) of a principal residence for the Participant; (iii) payment of tuition and related educational fees for the next 12 months of post-secondary education for the Participant, his or her spouse, children, or dependents; or (iv) the need to prevent the eviction of the Participant from, or a foreclosure on the mortgage of, his or her principal residence. Necessary to Satisfy the Need: Safe Harbor. A distribution will not be considered necessary to satisfy an immediate and heavy financial need of the Participant unless the Participant demonstrates that: (i) 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); (ii) the Participant has obtained all distributions (other than distributions for Hardship) and all nontaxable (when made) loans available under the Plan and any other Qualified Plan maintained by the Employer; (iii) the Participant agrees, as a condition of the distribution, that Salary Deferral Contributions under the Plan and all other Qualified Plans maintained by the Employer for the Participant's next taxable year will be limited to the limit in Code Section 402(g), less his or her Salary Deferral Contributions in the taxable year of the withdrawal; and (iv) the Participant agrees, as a condition of the distribution, that Salary Deferral Contributions and any other employee contributions under the Plan and any other plan maintained by the Employer (other than a health and welfare plan) will be suspended for him or her for 12 months after the receipt of the distribution.
Immediate and Heavy Financial Need. A Participant shall be deemed as having an immediate and heavy financial need only if the need is associated with one of the following:
Immediate and Heavy Financial Need. A distribution shall be deemed to be made on account of an immediate and heavy financial need under this Agreement only if it is made on account of one of the following expenses:
Immediate and Heavy Financial Need. If so designated by the Employer in the Adoption Agreement, a Participant shall be permitted to make a hardship withdrawal from the Plan, subject to the joint and survivor annuity requirements of Article 8.7, if the Participant certifies that he or she has incurred an immediate and heavy financial need for funds. For these purposes, an immediate and heavy financial need shall include a need:
Immediate and Heavy Financial Need. For purposes of determining whether a Hardship exists under this subsection (2), the same Hardship distribution events described in subsection (1)(i) will qualify as a Hardship distribution event under this subsection (2). The Employer may modify the permissible Hardship distribution events under AA §10-3(f) of the Profit Sharing Plan Adoption Agreement.
