Reso 2010-068 - Laserfiche WebLink

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C. A distribution is on account of an unforeseeable emergency only if the distribution is made on account of a severe financial hardship of the Participant resulting from an illness or accident of the Participant, the Participant`s Spouse, or the Participant's dependent (as defined in Code section 152 without regard to Cade sections 152(b)(1), (b)(2) and (d)(1)(B)), loss of the Participant's property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by homeowner's insurance, such as damage that is the result of a natural disaster), or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. D. Except as otherwise specifically provided in the Treasury regulations, the purchase of a home or the payment of college tuition are not unforeseeable emergencies. E. The following may constitute an unforeseeable emergency: 1. A need to rebuild the Participant's dome following damage to it not otherwise covered by insurance, such as damage that is the result of a natural disaster; 2. The imminent foreclosure of or eviction from the Participant's primary residence; 3. The need to pay for medical expenses, including non-refundable deductibles and the cost of prescription drug medication; or 4. The need #o pay funeral expenses of 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)). F. Whether a Participant is faced with an unforeseeable emergency permitting a distribution is to be determined based on the relevant facts and circumstances of each ease, but a distribution on account of an unforeseeable emergency of the Participant may not be made if such emergency can be relieved by: 1. Reimbursement or compensation by insurance or otherwise; 2. Liquidation of the assets of the Participant's assets, to the extent that such liquidation of the Participant's assets would not itself cause a severe financial hardship; or 3. Cessation of deferrals under the Plan. G. The amount of any financial hardship distribution shall not exceed the lesser of: 1. The amount reasonably necessary, as determined by the Employer, to satisfy the hardship (which may include any amounts necessary to pay any federal, State, or local income taxes or penalties reasonably anticipated to result from the distribution); or 2. The amount of the Participant's Account. H. Any distribution under this Distributions Upon An Unforeseeable Emergency section shall be made in a single sum. In accordance with the provisions of this section and the Treasury regulations under Code section 457(d), if a Participant designates the Participant's Domestic Partner as 21