Hardship Distribution definition

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.

Examples of Hardship Distribution in a sentence

  • The amount determined by the Committee as a Hardship Distribution shall be paid in a lump sum as soon as practicable after the end of the calendar month in which the Hardship Distribution election is made and approved by the Committee.

  • The request to take a Hardship Distribution shall be made by filing a form provided by and filed with the Committee prior to the end of any calendar month.

More Definitions of Hardship Distribution

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 under Section 7.7 below.
Hardship Distribution means a distribution by reason of an Unforeseeable Emergency pursuant to Section 5.5 of the Plan.