Hardship Distribution means a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of his or her dependent (as defined in Section 152(a) of the Code), loss of a Participant’s property due to casualty, or other similar or extraordinary and unforseeable circumstances arising as a result of events beyond the control of the Participant. The circumstances that would constitute an unforseeable emergency will depend upon the facts of each case, but, in any case, a Hardship Distribution may not be made to the extent that such hardship is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the liquidation of assets would not itself cause severe financial hardship, or (iii) by cessation of deferrals under this Plan.
Hardship Distribution means an accelerated distribution of benefits or a reduction or cessation of current deferrals pursuant to Section 6.5 to a Participant who has suffered a Financial Hardship.
Hardship Distribution means an accelerated distribution of benefits or a cancellation of deferral elections pursuant to Section 6.5 to a Participant who has suffered a Financial Hardship.
Examples of Hardship Distribution in a sentence
If a Participant receives a distribution from this Plan due to an Unforeseeable Emergency or a Hardship Distribution pursuant to Section 1.401(k)-1(d)(3) of the Treasury Regulations from any plan maintained by the Employer or any Affiliate, the Participant’s Deferral Election(s) with respect to the current Performance Period shall be cancelled as soon as administratively feasible following such events.
Administrator shall be responsible for determining the approval or disapproval of any Hardship Distribution requests made by Participants under the Plan.
More Definitions of Hardship Distribution
Hardship Distribution means any distribution or waiver of deferral granted by the Committee pursuant to Article 7.
Hardship Distribution means a severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or of his or her Dependent (as defined in Section 152(a) of the Code), loss of a Participant's property due to casualty, or other similar or extraordinary and unforseeable circumstances arising as a result of events beyond the control of the Participant.
Hardship Distribution means a distribution under Section 7.7 below.
Hardship Distribution means a distribution in the event that the Participant is faced with an Unforeseeable Emergency and as provided below.
Hardship Distribution means a distribution due to an “Unforeseeable Emergency” pursuant to Section 6.3.
Hardship Distribution means a distribution to a Participant or a Beneficiary pursuant to Section 6.7.
Hardship Distribution means a distribution by reason of an Unforeseeable Emergency pursuant to Section 5.5 of the Plan.