Deemed Necessary definition

Deemed Necessary. A withdrawal is "deemed necessary" to satisfy the financial need only if the withdrawal amount does not exceed the financial need and all of these conditions are met: (1) the Employee has obtained all possible withdrawals (other than hardship withdrawals) and nontaxable loans available from this Plan and all other plans maintained by Related Companies; (2) the Administrator shall suspend the Employee from making any contributions to this Plan and all other qualified and nonqualified plans of deferred compensation and all stock option or stock purchase plans maintained by Related Companies for 12 months from the date the withdrawal payment is made; and (3) the Administrator shall reduce the Contribution Dollar Limit for the Employee with regard to this Plan and all other plans maintained by Related Companies, for the calendar year next following the calendar year of the withdrawal by the amount of the Employee's Employee Pre-Tax Contributions for the calendar year of the withdrawal.
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Deemed Necessary. A withdrawal is “deemed necessary” to satisfy the financial need only if all of these conditions are met: (1) the withdrawal may not exceed the dollar amount needed to satisfy the Participant’s documented financial hardship, plus an amount necessary to pay federal, state, or local income taxes or penalties reasonably anticipated to result from such withdrawal; (2) the Participant must have obtained all distributions, other than financial hardship distributions, and all nontaxable loans under all plans maintained by the Company or any Commonly Controlled Entity; (3) the Participant will be suspended from making Pre-Tax Contributions, post-tax contributions, (or similar contributions under any other qualified or nonqualified plan of deferred compensation maintained by a Commonly Controlled Entity) for at least six (6) months from the date the withdrawal is received; and (4) the Contribution Dollar Limit for the taxable year immediately following the taxable year in which the financial hardship withdrawal is received shall be reduced by the Elective Deferrals for the taxable year in which the financial hardship withdrawal is received; provided, however, that the provisions set forth in this sentence will not apply effective for calendar years beginning after December 31, 2001, to Participants who withdrew all or part of their Pre-Tax Account after December 31, 2000.
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Deemed Necessary. A withdrawal is “deemed necessary” to satisfy the financial need only if all of these conditions are met: (1) the withdrawal may not exceed the dollar amount needed to satisfy the Participant’s documented financial hardship, plus an amount necessary to pay federal, state, or local income taxes or penalties reasonably anticipated to result from such withdrawal; (2) the Participant must have obtained all distributions, other than financial hardship distributions, and all nontaxable loans under all plans maintained by the Company or any Commonly Controlled Entity; (3) the Participant will be suspended from making Pre-Tax Contributions and Post-Tax Contributions (or similar contributions under any other qualified or nonqualified plan of deferred compensation maintained by a Commonly Controlled Entity) for at six (6) months from the date the withdrawal is received.
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Examples of Deemed Necessary in a sentence

  • Only requests for withdrawals (1) on account of a Participant's "Deemed Financial Need", and (2) which are "Deemed Necessary" to satisfy the financial need shall be approved.

  • Only requests for withdrawals (1) on account of a Participant's "Deemed Financial Need" and (2) which are "Deemed Necessary" to satisfy the financial need shall be approved.

  • Only requests for withdrawals (1) on account of a Participant's "Deemed Financial Need" or "Demonstrated Financial Need", and (2) which are "Deemed Necessary" or "Demonstrated as Necessary" to satisfy the financial need shall be approved.

  • Only requests for withdrawals (1) on account of a Participant's "Deemed Financial Need", and (2) which are "Deemed Necessary" to satisfy the financial need will be approved.

  • Only requests for withdrawals (1) on account of a Participant's "Deemed Financial Need" or "Demonstrated Financial Need" and (2) which are "Deemed Necessary" or "Demonstrated as Necessary" to satisfy the financial need shall be approved.

  • Only requests for withdrawals (1) on account of a Participant's "Deemed Financial Need" or "Demonstrated Financial Need", and (2) which are "Deemed Necessary" to satisfy the financial need shall be approved.

  • Under the terms and conditions stated in this Agreement, Accountant agrees to perform the following general accounting services for the Town, which includes services for the Big Plains Water Special Service District administered through an interlocal agreement: Preparation of Financial Reports Assist with Budget Preparation Monthly Reports Quarterly Reports Annual Reports Audit Preparation Other Accounting Processes as Deemed Necessary For specific services, see detailed listing of duties (Exhibit A).

  • Leave is Reserved for Either Party to Discuss the Quantum of Severance Pay During the Life of This Agreement If Deemed Necessary.

  • However, If Any Term, Covenant, Condition, Or Provision Of This Agreement Is Held By A Court Of Competent Jurisdiction To Be Invalid, Void, Or Unenforceable, It Is The Parties' Intent That Such Provision Be Changed In Scope By The Court Only To The Extent Deemed Necessary By That Court To Render The Provision Reasonable And Enforceable And The Remainder Of The Provisions Of This Agreement Will In No Way Be Affected, Impaired Or Invalidated As A Result.

  • Task 11: Final Economic Impact Study Delivered to Client Task 12: Presentation to FDSTF and Other Stakeholders Deemed Necessary by the FDSTF January 31, 2024 Payment 4 upon completion of deliverables #11 and #12: $7,000.


More Definitions of Deemed Necessary

Deemed Necessary. A withdrawal is "deemed necessary" to satisfy the financial need only if the withdrawal amount does not exceed the financial need and all of these conditions are met: (1) the Employee has obtained all other possible withdrawals and nontaxable loans available from all plans maintained by Related Companies; (2) the Administrator shall suspend the Employee from making any contributions to this Plan, all other qualified and nonqualified plans of deferred compensation and all stock option or stock purchase plans maintained by Related Companies for 12 months from the date the withdrawal payment is made; and (3) the Administrator shall reduce the Contribution Dollar Limit for the Employee for the calendar year next following the calendar year of the withdrawal by the amount of the Employee's Pre- Tax Contributions for the calendar year of the withdrawal.
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Deemed Necessary. A withdrawal is “necessary” only if the following requirements are met: (i) withdrawal amount does not exceed the financial need, including any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal; and (ii) Effective January 1, 2020, the Participant certifies in writing (including by using an electronic medium as defined in Treasury Regulation Section 1.401(a)-21(a)(3)) that he or she has insufficient cash or other liquid assets reasonably available to satisfy his or her immediate and heavy financial need; provided, that the Administrative Committee does not have actual knowledge to the contrary.
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Deemed Necessary. A withdrawal is “deemed necessary” to satisfy the financial need only if the withdrawal amount does not exceed the financial need, including any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal.
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Related to Deemed Necessary

  • Minimum Necessary means the least amount of PHI necessary to accomplish the purpose for which the PHI is needed.

  • Desirable means the terms “may”, “can”, “should”, “preferably”, or “prefers” identifies a desirable or a discretionary item or factor for the Department to determine.

  • Necessary means more than desirable but less than indispensable or absolute necessity. Accordingly, the test is one of reasonable necessity and involves consideration of alternative measures which may make disclosure of the requested information unnecessary. Disclosure under the FOIA must therefore be the least intrusive means of achieving the legitimate aim in question.

  • undesirable practice means (i) establishing contact with any person connected with or employed or engaged by the Authority with the objective of canvassing, lobbying or in any manner influencing or attempting to influence the Bidding Process; or (ii) having a Conflict of Interest; and

  • Unreasonably impracticable means that the measures necessary to comply with the regulations require such a high investment of risk, money, time, or any other resource or asset that the operation of a marijuana establishment is not worthy of being carried out in practice by a reasonably prudent businessperson.