Hardship and Age 59½ Withdrawals
- Active and retired participants: Only active participants are eligible for hardship withdrawals.
- Outstanding loans:You must be a participant in this Plan for at least three years to be eligible to take a hardship withdrawal.
- The gross amount of the withdrawal must be a minimum of $2,000.
- The withdrawal 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.
- 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 must be due to any one or more of the following reasons:
- Medical care expenses (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.
- 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.
- Down payment and other costs directly related to the purchase of your primary residence (excluding mortgage payments).
- Payments to prevent your eviction from your principal residence or foreclosure on the mortgage of your principal residence.
- Payments for burial or funeral expenses for the participant’s deceased parent, spouse, children, or dependents.
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.
Age 59½ or Older Withdrawal
- Only active participants are eligible for age 59½ withdrawals.
- You must be at least age 59½ to request this withdrawal.
- Entire Profit Sharing Account; any Money Purchase Account is not available for withdrawal.
- One (1) withdrawal every Sizx (6) consecutive months.
Request a Withdrawal
A hardship withdrawal must be made in writing, the amount must be specified, and evidence documenting the hardship must be provided. You must provide documentation as required to support the need and reason for a hardship withdrawal as may be determined in the discretion of the Trustees.
If you are married, you must obtain consent from your spouse or show that consent cannot be obtained as described in Spousal Consent for Loans or Withdrawals below.