Common use of Withdrawals and Loans Clause in Contracts

Withdrawals and Loans. Generally, you cannot withdraw or roll over your account balances before you attain age 59 ½, terminate employment, die, or become disabled. Your account balances may be assigned to your alternate payee as ordered by a court under a Qualified Domestic Relations Order (QDRO). Loans and hardship withdrawals, as limited by IRS regulations, are subject to approval if permitted by your 403(b) Plan provisions. Other withdrawals, if permitted under the plan, may also be subject to approval. Tax penalties may apply to distributions before age 59 ½. You are entirely responsible for all loans and withdrawals and any resulting tax liabilities. 5. Salary Reduction Agreement (SRA) Termination: To stop your contributions, you must file a new copy of the SRA with your employer and PlanConnect. If you terminate employment, your SRA terminates automatically after your last check is paid. If you later return to work, you must file a new SRA to resume contributing. Your employer reserves the right to suspend or terminate a participant's SRA if it believes that the participant has over contributed, terminated the account with the elected investment provider, or is in violation of any applicable federal requirement or any term of this agreement. 6.