Emergency withdrawal definition

Emergency withdrawal means a withdrawal by an account holder from those funds deposited by the account holder in his individual development account due to a personal crisis, including but not limited to, illness, eviction, potential foreclosure, job loss or urgent family reasons;

Emergency withdrawal means the withdrawal of groundwater, for a period not exceeding thirty calendar days, for the purpose of fire fighting, hazardous substance or waste spill response, or both, or other emergency withdrawal of groundwater as determined by the department.

Emergency withdrawal means a payment to the participant from the participant’s Deferred Compensation Account, Designated Roth Account, or a combination of both, in an amount directly related to and reasonably necessary to satisfy a financial obligation attributable to an unforeseeable emergency.

Examples of Emergency withdrawal in a sentence

• Upon the application of a Participant for an Unforeseeable Emergency withdrawal of funds prior to termination of employment, the Participant shall be required to cease deferrals in the Plan for six (6) calendar months after the Unforeseeable Emergency request.

• Should a Participant request a subsequent Unforeseeable Emergency withdrawal within three years from the date of such original request, the Participant shall be required to cease deferrals in the Plan for a period of twelve (12) months beginning with the month following the date in which the Unforeseeable Emergency withdrawal was requested.

• The request for an Unforeseeable Emergency withdrawal will be subject to review and approval based on the Participant’s relevant facts and circumstances.

• If a request of an Unforeseeable Emergency withdrawal is approved, a lump sum distribution from the Participant’s Account will be made in an amount as approved to meet the Unforeseeable Emergency.

• A Participant may request an Unforeseeable Emergency withdrawal by submitting that request in writing on the Plan’s approved form(s) to the Board, or committee appointed by the Board, who will review the request.

• The case transfer process could be streamlined to encourage better relationships.

• A Participant may request an Unforeseeable Emergency withdrawal by submitting that request in writing on the approved form to the Plan Administrator's staff, who will review the request.

• The Administrator shall have the right to request and review all pertinent information necessary to assure that Unforeseeable Emergency withdrawal requests are consistent with the provisions of Code § 457.

• The Deferred Compensation Plan Advisory Committee or their designee shall have the right to request and review all pertinent information necessary to assure that Unforeseeable Emergency withdrawal requests are consistent with the provisions of Code §457.

• The decision of the Commission concerning the payment of an Unforeseeable Emergency withdrawal under this section shall be final.

More Definitions of Emergency withdrawal

Emergency withdrawal means awithdrawal of only those funds, or a portion of those funds, deposited by the eligible individual (Project Participant) in an Individual Development Account of such individual. Such withdrawal must be approved by the Project Grantee, must be made for an allowable purpose as defined in the AFI Act and under the Project Eligibility Requirements set forth in PART II of this Announcement, and must be repaid by the individual Project Participant within 12 months of the withdrawal. [See PART II, Section G(7)(b)]

Emergency withdrawal means the withdrawal of water, for a period not exceeding thirty days, for the purpose of firefighting, hazardous substance waste spill response, or both, or other emergency withdrawal of water as determined by the department.

Emergency withdrawal means a withdrawal of ground or surface waters for emergency situations involving fire protection, human lives or human health.

Emergency withdrawal means a withdrawal by an account owner that: