Laserfiche WebLink
after a specific future date. Such future date shall be referred <br />to as the "delayed distribution date" for purposes of this plan. <br /> <br />If a participant should die prior to the delayed distribution <br />date, the death will be treated as an event of distribution, <br />and the beneficiary shall have the right to elect the method <br />and time of distribution as if the beneficiary was the <br />participant. <br /> <br />(b) <br /> <br />The distribution date or method of distribution may be changed at <br />any time prior to distribution. Once payment has Commenced, the <br />distribution date or method of distribution may not be changed, <br />except to allow a lump sum payment of the remaining balance the <br />month following receipt of such request from the participant. <br /> <br />(c) <br /> <br />Distribution may not begin prior to termination of ser- <br />vice or death except for hardship distributions as provided <br />in Section 5.7. <br /> <br />(d) <br /> <br />If no distribution date or method of distribution is elected, then a <br />lump sum payment shall be made to the participant the month following <br />his or her 70th birthday or termination of employment, whichever is <br />later. The participant shall be given 30 days notice of the intent <br />to make such lump sum payment. <br /> <br /> 5.7 Financial hardship. A distribution of all or a portion of a <br />participant's deferred compensation account or a change in method of <br />distribution to a participant notwithstanding the fact that distribution has <br />COnTnenced shall be permitted in the event the participant is faced with an <br />unforseeable financial emergency. <br /> <br /> Examples of an unforseeable emergency or "financial hardship" may include <br />the following: impending personal bankruptcy; unexpected and unreimbursed major' <br />expenses resulting from illness, accident, or disability of the participant or <br />any dependent thereof; major property loss or any other type of unexpected and <br />unreimbursed personal expense of a major nature that would not normally be <br />budgetable; and the disability of the participant. Forseeable personal expen- <br />ditures normally budgetable, such as a down payment for a home, the purchase of <br />an automobile, college, or other educational expenses, etc., will not constitute <br />a "financial hardship." <br /> <br /> Any participant desiring a d}stribution by reason of serious financial <br />hardship must demonstrate that the circumstances being experienced were not <br />under the participant's control and constitute a real emergency which is likely <br />to cause the participant great financial hardship. The employer or director <br />acting for the employer, shall have the authority to require such medical or <br />other evidence as he may need to determine the necessity for participant's <br />withdrawal request. <br /> <br /> The distribution shall be limited to an amount sufficient only to meet the <br />emergency and shall in no event exceed the amount of his or her deferred <br />compensation account. Any remaining benefits shall be distributed in accordance <br />with Sections 5.4, 5.5 and 5.6 of this plan. <br /> <br />-9- <br /> <br /> <br />