Any Member who is an Employee, who has not attained age 59 1⁄2 and who has taken all other available distributions from the Plan may withdraw an amount from his Accounts not in excess of the amount necessary to satisfy an immediate and heavy financial need, as long as the Member has demonstrated that no resources other than such withdrawal are reasonably available to meet such need. The maximum amount that may be withdrawn is the amount credited to the Members Accounts, excluding any income credited to a Members Salary Deferrals (including Age 50 Catch-Up Deferrals) after the last Valuation Date in the 1988 Plan Year, qualified nonelective contributions and qualified matching contributions (and income allocable thereto), and any other amounts that are prohibited from being withdrawable upon hardship under the rules applicable to qualified plans under [section 401(a)] of the IRC or the Income Tax Regulations issued thereunder.
Hardship Withdrawals. Notwithstanding any withdrawals made pursuant to [Section 7.3(a)], a Participant may make withdrawals from his Before-Tax Account, or, effective as of January 1, 2013, his Roth Account, on account of Hardship. Any application for a withdrawal on account of Hardship shall be made in writing to the Committee, setting forth facts demonstrating that a Hardship exists and containing such financial statements, documents and other additional information as the Committee shall require. No withdrawal on account of Hardship shall be permitted unless the Committee, based upon the Participants representations and such other facts as are known to the Committee, determines that all of the following conditions are satisfied:
Hardship. Notwithstanding anything in the foregoing to the contrary, in the event a Participant receives a hardship withdrawal pursuant to Section VIII or in the event the Participant receives a hardship distribution (as defined in Treasury Regulations [section 1.401(k)-1(d)(3)])]) under the VF 401(k) Savings Plan, such Participants Basic Deferral Election with respect to the Plan Year during which such hardship withdrawal under this Plan or hardship distribution under the VF 401k Savings Plan occurs shall be cancelled in accordance with Code section 409A. The Participant may submit a new Basic Deferral Election with respect to future Plan Years to the extent permitted under this [Subsection 1] of this Section III.
Withdrawals. A Participant shall not be entitled to withdraw any portion of his Account while employed by any System Company.
Withdrawals. An Employee, upon demonstration of financial hardship to the Compensation Committee, may withdraw from a Plan an amount in cash not to exceed the lesser of $5,000.00 or fifty (50%) percent of the Employee’s benefit in the Plan which is attributable to amounts described in Section 2.2(a) and (b) hereof. An Employee shall be limited to one withdrawal in any one Plan Year as such is defined in the Employees’ Savings Trust Plan; provided, however, that the amount of the withdrawal may not exceed the amount necessary to satisfy the financial hardship plus amounts necessary to pay taxes reasonably anticipated as a result of the withdrawal, after taking into account the extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Employee’s assets (to the extent such liquidation would not itself cause severe financial hardship). The term “financial hardship” shall mean any extraordinary or unforeseeable need for funds arising from events beyond the Employee’s control that meets the definition of an “unforeseeable emergency” within the meaning of [Section 409A(a)(2)(B)(ii)] of the Code.
Hardship Withdrawal. A Participant may apply for a hardship withdrawal at any time. The withdrawal must be for an immediate and heavy financial need of the Participant for which funds are not reasonably available from other resources of the Participant. If approved, such withdrawal shall equal the lesser of # the amount required to be distributed to meet the need created by the hardship, (including any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the withdrawal), or # the value of the vested portion of the Participant’s Accounts. Immediate and heavy financial needs are limited to amounts necessary for:
Hardship Distributions. A Participant may at any time request the Global Compensation Department to accelerate distribution of all or any part of his Account in the case of an “unforeseeable emergency.” With respect to the Grandfathered Benefits, an unforeseeable emergency means an unanticipated emergency that is caused by an event beyond the control of the Participant or beneficiary and that would result in severe financial hardship to the individual if early withdrawal were not permitted. With respect to the portion of a Participant’s Account in excess of the Grandfathered Benefit, an unforeseeable emergency means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse or a dependent (as defined in Code section 152, without regard to Code sections 152(b)(1), (b)(2) and (d)(1)(B)) of the Participant, 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. The amounts distributed with respect to an unforeseeable emergency may not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the extent to which such 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 such assets would not itself cause severe financial hardship). The Global Compensation Department may request that the Participant provide any information it determines appropriate in connection with such request. The decision of the Global Compensation Department
Hardship Distribution. Subject to the approval of the Committee, a Participant may withdraw all or a portion of the Participant’s Deferred Compensation Account in the event of a hardship. The distribution shall be made in the form of whole shares of LSI Common Shares. Any fractional shares shall be paid in cash. A hardship distribution shall only be made in the event of an unforeseeable emergency that would result in severe financial hardship to the Participant if hardship distributions were not permitted. Withdrawals of amounts because of an unforeseeable emergency shall only be permitted to the extent reasonably needed to satisfy the emergency need. An unforeseeable emergency is defined as severe financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Code Section 152(b)(1), (b)(2) and (d)(1)(B)), 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. The circumstances that will constitute an unforeseeable emergency will depend upon the facts of each case, but, in any case, payment may not be made to the extent such hardship is or may be relieved # through reimbursement or compensation by insurance or otherwise # liquidation of the Participant’s assets (to the extent the liquidation of such assets would not cause severe financial hardship, or # by cessation of deferrals under the Plan. In the event of an unforeseeable emergency (regardless of whether a hardship distribution is made), a Participant’s deferral election under Paragraph 2.1 shall terminate and no further deferrals shall be made for such Participant for the remainder of the Plan Year.
Request for Withdrawal – The participant's request to withdraw must be made in writing to the plan administrator and shall be subject to his consent. The basis for the plan administrator's consenting to or refusing to consent to the participant’s request shall be demonstrated financial hardship of the participant as described in Hardship Withdrawals.
Scheduled Withdrawals in Process. A Plan Year Account that has become payable in installments prior to the date of such Retirement or Disability pursuant to an election under [Section 5.1(c)] shall continue to be so paid.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.