Common use of Permissible withdrawals allowed Clause in Contracts

Permissible withdrawals allowed. If the Plan satisfies the requirements for an EACA (as set forth in Section 3.03(c) of the BPD), a Participant who has Salary Deferrals contributed to the Plan pursuant to an automatic deferral election under this AA §6A-7 may elect to withdraw such contributions (and earnings attributable thereto) within 90 days after the date such Salary Deferrals would otherwise have been included in gross income, unless designated otherwise under subsection (3) below. Unless elected otherwise below, if a Participant does not make automatic deferrals to the Plan for an entire Plan Year (e.g., due to Severance from Employment), the Plan may allow such Participant to take a permissive withdrawal, but only with respect to default contributions made after the Participant’s return to employment. 🞎 The ability to take permissible withdrawals does not apply to rehired Participants, even if such Participants have not made automatic deferrals to the Plan for an entire Plan Year due to Severance from Employment. 🞎 (2) No permissible withdrawals. Although the Plan contains an automatic deferral election that is designed to satisfy the requirements of an EACA, the permissible withdrawal provisions under this subsection (b) are not available. 🞎 (3) Time period for electing a permissible withdrawal. Instead of a 90-day election period, a Participant must request a permissible withdrawal no later than [may not be less than 30 or more than 90] days after the date the Plan Compensation from which such Salary Deferrals are withheld would otherwise have been included in gross income. 🞎 (c) Other automatic contribution provisions:

Permissible withdrawals allowed. If the Plan satisfies the requirements for an EACA (as set forth in Section 3.03(c3.03(c)(2) of the BPDPlan), the permissible withdrawal provisions under Section 3.03(c)(2) of the Plan apply. Thus, a Participant who has Salary Deferrals contributed to the Plan pursuant to receives an automatic deferral election under this AA §6A-7 may elect to withdraw such contributions (and earnings attributable thereto) within 90 days after the date such Salary Deferrals would otherwise have been included in gross incometime period set forth under Section 3.03(c)(2) of the Plan, unless designated otherwise without regard to the in-service distribution provisions selected under subsection (3) belowAA §10-1. Unless elected otherwise below, if a Participant an Employee does not make automatic deferrals to the Plan for an entire Plan Year (e.g., due to Severance from Employmenttermination of employment), the Plan may allow such Participant Employee to take a permissive withdrawal, but only with respect to default contributions made after the ParticipantEmployee’s return to employment. 🞎 The ability to take permissible withdrawals does not apply to rehired ParticipantEmployeess, even if such ParticipantsEmployees have not made automatic deferrals to the Plan for an entire Plan Year due to Severance from Employmentermination of employmentt. � � (2) No permissible withdrawals. Although the Plan contains an automatic deferral election that is designed to satisfy the requirements of an EACA, the permissible withdrawal provisions under this subsection c(b) are not available.  🞎 (3) Time period for electing a permissible withdrawal. Instead of a 90-day election period, a Participant must request a permissible withdrawal no later than [may not be less than 30 nor or more than 90] days after the date the Plan Compensation from which such Salary Deferrals are withheld would otherwise have been included in gross income. 🞎 (c) Other automatic contribution provisi.ons: