Special Rules for Hardship Withdrawals Clause Samples

The "Special Rules for Hardship Withdrawals" clause defines the specific conditions and procedures under which participants in a retirement or savings plan may access their funds early due to financial hardship. Typically, this clause outlines what qualifies as a hardship, such as medical expenses, purchase of a primary residence, or tuition payments, and may require documentation to substantiate the need. By establishing clear criteria and processes, the clause ensures that withdrawals are only made in genuine cases of hardship, balancing the need for financial relief with the plan's long-term savings objectives.
Special Rules for Hardship Withdrawals. If this is a profit sharing plan and the Adoption Agreement so provides, a Participant may elect to receive a hardship distribution of all or part of the Vested portion of his or her Individual Account, subject to the requirements of Section 6.05 and further subject to the following limits: a. Participant for 5 or more years. An Employee who has been a Participant in the Plan for 5 or more years may withdraw up to the entire Vested portion of his or her Individual Account.
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Special Rules for Hardship Withdrawals. If this is a profit sharing plan and the Adoption Agreement so provides. a Participant may elect to receive a hardship distribution of all or part of the Ves red portion of his or her Individual Account, subject to the requirements of Section 6.05 and further subject to the following limits:
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Special Rules for Hardship Withdrawals. If this is a profit sharing plan and the Adoption Agreement so provides, then notwithstanding Section 5.01(A)(4) of the Plan, a Participant may elect to receive a hardship distribution of all or part of the Vested portion of his or her Individual Account attributable to Employer Contributions other than those described in Section 5.01(A)(2) of the Plan, subject to the requirements of Section 5.13 of the Plan. For purposes of this Section 5.01(A)(5), hardship is defined as an immediate and heavy financial need of the Participant where such Participant lacks other available resources. Except as otherwise provided in the Adoption Agreement, financial needs considered immediate and heavy include, but are not limited to expenses incurred or necessary for medical care, described in Section 213(d) of the Code, of the Employee, the Employee's Spouse or dependents; the purchase (excluding mortgage payments) of a principal residence for the Employee; payment of tuition and related educational fees for the next 12 months of post-secondary education for the Employee, the Employee's spouse, children or dependents; the need to prevent the eviction of the Employee from, or a foreclosure on the mortgage of, the Employee's principal residence; or funeral expenses of a member of the Participant's family. A distribution will be considered as necessary to satisfy an immediate and heavy financial need of the Employee only if 1) the Employee has obtained all distributions, other than hardship distributions, and all nontaxable loans available under all plans maintained by the Employer; 2) the distribution is not in excess of the amount of an immediate and heavy financial need (including amounts necessary to pay any federal, state or local income taxes or penalties reasonably anticipated to result from the distribution).
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Related to Special Rules for Hardship Withdrawals

  • Hardship Withdrawals Hardship withdrawals, as provided for in paragraph 6.9 of the Basic Plan Document #04, [X] are [ ] are not permitted.

  • Unforeseeable Emergency In the event of a Participant’s Unforeseeable Emergency, such Participant may request an emergency withdrawal from his or her Account. Any such request shall be subject to the approval of the Administrator, which approval shall not be granted to the extent that such need may be relieved (i) through reimbursement or compensation by insurance or otherwise or (ii) by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). A Participant may withdraw all or a portion of his or her Account due to an Unforeseeable Emergency; provided, however, that the withdrawal shall not exceed the amount reasonably needed to satisfy the need created by the Unforeseeable Emergency.

  • Transfers and Withdrawals 44 Section 11.1 Transfer..........................................................................44 Section 11.2 Transfers of Partnership Interests of General Partners............................44 Section 11.3 Limited Partners' Rights to Transfer..............................................45 Section 11.4

  • Domestic Relations Orders If any judgment, decree or order (including approval of a property settlement agreement) which (i) relates to the provision of child support, alimony payments, or marital property rights to a spouse, former spouse, child, or other dependent of a Participant, and (ii) is made pursuant to a state or foreign domestic relations law (including a community property law) directs assignment of a portion of a Participant’s Account to a spouse, former spouse, child, or other dependent of a Participant, such amount may be paid in a lump-sum cash payment at the request of the person to whom assignment is directed to be made as soon as administratively possible after the Administrator’s receipt of the signed order, as long as the order (or a written direction to the Administrator of how to interpret the order, signed by the Participant and the person to whom the order directs assignment) clearly specifies the amount of the Account assigned and the timing of payment to the person to whom the assignment is made.

  • Permissible Withdrawals The Servicer may make withdrawals from each related Custodial P&I Account solely for the following: (a) remittances to the related Certificate Account; (b) reimbursement to itself for advances which have been recovered by subsequent collections including late payments, Liquidation Proceeds or Insurance Proceeds, to the extent funds on deposit recovered by such subsequent collections relate to the Mortgage Loans as to which such advances were made; (c) interest earnings on deposits to the related Custodial P&I Account, but only to the extent that such interest has been credited; (d) removal of amounts deposited in error; (e) removal of charges or other such amounts deposited on a temporary basis in the account; (f) removal of Servicing Fees to the extent deposited therein; and (g) termination of the account.