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Under certain circumstances, you may be allowed to take a loan or make a hardship withdrawal from your account. This section describes the rules related to loans and withdrawals.

Rules Related to Hardship Withdrawals

Hardship withdrawals require that you have an immediate and heavy financial need and the hardship withdrawal is in an amount up to the amount of the need. Specifically, the financial need is due to any one or more of the following reasons:

  1. Medical care expenses (already incurred or necessary in the future) for you or your dependent. Medical Care expenses include expenses for the diagnosis, cure, mitigation, treatment or prevention of disease, as well as for transportation primarily for and essential to this medical care. 
  2. Tuition and related educational fees for the next 12 months for post-secondary education for you or your dependent. Related educational fees include fees, books, equipment required for and courses of instruction and room and board. 
  3. Down payment and other costs directly related to the purchase of your primary residence (excluding mortgage payments). 
  4. Payments to prevent your eviction from your principal residence or foreclosure on the mortgage of your principal residence. 
  5. Payments for burial or funeral expenses for the participant’s deceased parent, spouse, children, or dependents.

You will be required to submit any documents to support the need and reason for a hardship withdrawal as may be determined in the discretion of the Trustees.

Hardship withdrawals are subject to these rules:

  • Hardship withdrawals are only allowed on contributions (as adjusted for gains and losses) made on or after February 1, 2010 from the Profit-Sharing source.
  • A hardship withdrawal must be made in writing, the amount must be specified, and evidence documenting the hardship must be provided. 
  • A distribution will be deemed necessary to satisfy your immediate and heavy financial need if the Trustees rely on your written representation that the need cannot be relieved by any of the following:
    • Through disbursement or compensation by insurance or otherwise;
    • By reasonable liquidation of your assets (or those of your spouse or minor children) to the extent such liquidation does not create a financial hardship;
    • By making other withdrawals or nontaxable loans (including Hardship Loans and General Purpose Loans) from all plans in which you participate; or
    • By borrowing from commercial sources on reasonable commercial terms.
  • Hardship withdrawals are only available to active participants.You must be a participant in this Plan for at least three years in order to be eligible to take a hardship withdrawal. 
  • The gross amount of a hardship withdrawal must be a minimum of $2,000 and cannot exceed 50% of the Profit Sharing Account (contributions made on or after February 1, 2010 with associated gains and losses) after any processing fee, if any, has been deducted. 
  • The Plan may charge a processing fee for filing an application even if the request is denied. The fee may be deducted from only your Profit Sharing Account. 
  • You must obtain consent from your spouse or show that consent cannot be obtained as described in the section about obtaining spousal consent below.