Unforeseeable Emergency Defined Clause Samples

Unforeseeable Emergency Defined. An unforeseeable emergency is defined as a severe financial hardship of the Participant resulting from: an illness or accident of the Participant, the Participant’s beneficiary, the Participant's or Participant’s beneficiary’s spouse, or the Participant's or Participant’s beneficiary’s dependent (and for taxable years beginning on and after January 1, 2005, as defined in section 152 of the Code, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B) of the Code); loss of the Participant's or the Participant’s beneficiary’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by homeowner's insurance, e.g., as a result of a natural disaster); the need to pay for the funeral expenses of the Participant's spouse or dependent (and for taxable years beginning on and after January 1, 2005, as defined in section 152 of the Code, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B) of the Code); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or the Participant’s beneficiary. For example, the imminent foreclosure of or eviction from the Participant's primary residence may constitute an unforeseeable emergency. In addition, the need to pay for medical expenses, including non-refundable deductibles, as well as for the cost of prescription drug medication, may constitute an unforeseeable emergency. Except as otherwise specifically provided for in this Section, neither the purchase of a home nor the payment of college tuition is an unforeseeable emergency.