Common use of Unforeseeable Emergency Distributions Clause in Contracts

Unforeseeable Emergency Distributions. In the event of an unforeseeable emergency either prior to or subsequent to the commencement of benefits under this Plan, a participant may request an immediate payment of benefits to the extent reasonably needed to relieve the unforeseeable emergency. For purposes of this Section 8, an unforeseeable emergency is a severe financial hardship to the participant resulting from a sudden and unexpected illness or accident of the participant or of the participant's dependent (as defined in Code section 152(a)), loss of the participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant. Payment of benefits may not be made to the extent that the hardship is or may be relieved: (1) through reimbursement or compensation by insurance or otherwise, (2) by liquidation of the participant's assets (to the extent such liquidation would not itself cause severe financial hardship), or (3) by cessation of deferrals under the Plan. The determination of whether or not an unforeseeable emergency exists, whether or not benefits may be properly paid to relieve such emergency, and the actual amount of such benefits to be paid, will be made by the contract administrator engaged by the Trust Committee of the Master Trust for the Deferred Compensation Plans Maintained by NTCA and Its Members. No payment of benefits pursuant to this Section 8 shall exceed the amount credited to a participant's account as of the date of such payment. In addition, the payment of benefits pursuant to this Section 8 shall reduce, by the amount of such payment, the amount credited to a participant's account. For purposes of this Section 8, the term "participant" shall mean, after the death of the participant, the designated beneficiary of the participant, or, if none, his or her surviving spouse, or, if no surviving spouse, his or her estate.

Unforeseeable Emergency Distributions. In the event of an unforeseeable emergency either prior to or subsequent to the commencement of benefits under this Plan, a participant may request an immediate payment of benefits to the extent reasonably needed to relieve the unforeseeable emergency. For purposes of this Section 810, an unforeseeable emergency is a severe financial hardship to the participant resulting from a sudden and unexpected illness or accident of the participant or of the participant's dependent (as defined in Code section 152(a)), loss of the participant's property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant. Payment of benefits may not be made to the extent that the hardship is or may be relieved: (1) through reimbursement or compensation by insurance or otherwise, (2) by liquidation of the participant's assets (to the extent such liquidation would not itself cause severe financial hardship), or (3) by cessation of deferrals under the Plan. The determination of whether or not an unforeseeable emergency exists, whether or not benefits may be properly paid to relieve such emergency, and the actual amount of such benefits to be paid, will be made by the contract administrator engaged by the Trust Committee of the Master Trust for the Deferred Compensation Plans Maintained by NTCA and Its Members. No payment of benefits pursuant to this Section 8 10 shall exceed the amount credited to a participant's account as of the date of such payment. In addition, the payment of benefits pursuant to this Section 8 10 shall reduce, by the amount of such payment, the amount credited to a participant's account. For purposes of this Section 810, the term "participant" shall mean, after the death of the participant, the designated beneficiary of the participant, or, if none, his or her surviving spouse, or, if no surviving spouse, the beneficiary or beneficiaries of his or her estate.

Unforeseeable Emergency Distributions. In If permitted by the Employer in the Agreement, in the event of the Participant incurs an unforeseeable emergency either prior to or subsequent emergency, as defined below, the Participant may apply to the commencement Employer for the distribution of benefits under this Planall or any part of his or her Account attributable to Compensation Deferrals and/or fully vested Employer Contribution Credits. The Employer shall consider the circumstances of each such case, and the best interests of the Participant and his or her family, and shall have the right, in its sole discretion, if applicable, to allow such distribution, or, if applicable, to direct a participant may request an immediate payment distribution of benefits part of the amount requested, or to refuse to allow any distribution; provided, however, that such distribution shall be permitted solely to the extent reasonably needed permitted under Code section 409A. Upon a finding of unforeseeable emergency, the Employer shall direct that the appropriate distribution is made to relieve the Participant with respect to the Participant’s vested Account in a lump sum payment. In no event shall the aggregate amount of the distribution exceed either the full value of the Participant’s vested Account or the amount determined by the Employer to be necessary to satisfy the unforeseeable emergencyemergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which the hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation of assets would not itself cause severe financial hardship), or by cessation of deferrals under the Plan. For purposes of this Section 8Section, an the value of the Participant’s vested Account shall be determined as of the date of the distribution. For purposes of this Section, “unforeseeable emergency is emergency” means (a) a severe financial hardship to the participant Participant resulting from a sudden and unexpected an illness or accident of the participant Participant, the Participant’s spouse, beneficiary or of the participant's a dependent (as defined in Code section 152(a))) of the Participant, (b) loss of the participant's Participant’s property due to casualty, or (c) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participantParticipant, each as determined to exist by the Employer. Payment of benefits A distribution may not be made to under this Section only with the extent that the hardship is or may be relieved: (1) through reimbursement or compensation by insurance or otherwise, (2) by liquidation consent of the participant's assets (to the extent such liquidation would not itself cause severe financial hardship), or (3) by cessation of deferrals under the Plan. The determination of whether or not an unforeseeable emergency exists, whether or not benefits may be properly paid to relieve such emergency, and the actual amount of such benefits to be paid, will be made by the contract administrator engaged by the Trust Committee of the Master Trust for the Deferred Compensation Plans Maintained by NTCA and Its Members. No payment of benefits pursuant to this Section 8 shall exceed the amount credited to a participant's account as of the date of such payment. In addition, the payment of benefits pursuant to this Section 8 shall reduce, by the amount of such payment, the amount credited to a participant's account. For purposes of this Section 8, the term "participant" shall mean, after the death of the participant, the designated beneficiary of the participant, or, if none, his or her surviving spouse, or, if no surviving spouse, his or her estateEmployer.