Source and Timing of In-Service Withdrawal Funding Clause Samples

The 'Source and Timing of In-Service Withdrawal Funding' clause defines how and when funds are made available for withdrawals by participants who are still actively employed. Typically, this clause specifies the eligible sources of funds—such as employee contributions, employer matching, or rollover amounts—and outlines the timing or conditions under which these withdrawals can occur, for example, after reaching a certain age or years of service. Its core practical function is to provide clear guidelines for both plan administrators and participants, ensuring compliance with plan rules and regulatory requirements while facilitating access to funds under specified circumstances.
Source and Timing of In-Service Withdrawal Funding. An in-service withdrawal to a Participant shall be made solely from the assets of his or her own Accounts and will be based on the Account values as of the Trade Date the in-service withdrawal is processed. The available assets shall be determined first by Account type and then by investment type within each type of Account. Within each Account used for funding an in-service withdrawal, amounts shall first be taken from the Sweep Account and then taken by type of investment in direct proportion to the market value of the Participant's interest in each Investment Fund (which excludes Participant loans) as of the Trade Date on which the in-service withdrawal is processed. In-Service withdrawals will be funded on the Settlement Date following the Trade Date as of which the in-service withdrawal is processed. The Trustee shall make payment as soon thereafter as administratively feasible.
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Source and Timing of In-Service Withdrawal Funding. An in-service withdrawal to a Participant shall be made solely from the assets of his or her own Account and shall be based on the Account values as of the Trade Date the in-service withdrawal is processed. The available assets shall be determined first by Account and then within each Account used for funding an in-service withdrawal, amounts shall first be taken from the Sweep Account and then taken by Investment Fund in direct proportion to the market value of the Participant's interest in each Investment Fund (which excludes his or her Loan Account balance) as of the Trade Date on which the in-service withdrawal is processed. A Participant's investment in the Mutual Benefit GIC Fund shall be excluded for this purpose during any period such Fund is not available to be liquidated for this purpose. The in-service withdrawal shall be funded on the Settlement Date following the Trade Date as of which the in-service withdrawal is processed. The Trustee shall make payment to the Participant or on behalf of the Participant as soon thereafter as administratively feasible.
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