Eligibility for Distribution
You will be eligible for a distribution of benefits when you
satisfy one of the following conditions:
a. You attain age 59½. You do not need to terminate covered
employment to receive a distribution of benefits at age 59½.
b. You attain normal retirement age of 65. You do not need
to terminate covered employment to receive a distribution of benefits at age
65.
c. You terminate employment for any reason (including death,
disability, layoff, etc.) with any employer maintaining this Plan prior to age
59½. Your contributions and investment earnings are available for distribution
as soon as practical following termination of employment and receipt of an
application for benefits, but may be subject to early withdrawal penalties.
For all three conditions, you may receive your benefits in
the form of a total lump sum payment. Your account balance may be rolled over
tax-free to an Individual Retirement Account, a Roth IRA, a 403(b) Plan, a 457
Plan, or another tax qualified plan of your employer (if acceptable to that
plan).
Spousal Consent
If you are married, spousal consent will be required for all
distributions under the Plan.
See Documents page for Distribution Application
Hardship Distribution
The Plan permits withdrawals of an individual account upon
completion of an application for a hardship distribution for the following
reasons only:
a. Purchase of your primary residence (excluding mortgage
payments);
b. Prevention of eviction or foreclosure of your primary residence;
c. Payment of tuition and related educations expenses for you or your spouse,
dependent or designated beneficiary for the next 12 months;
d. Medical expenses for you or your spouse, dependent or designated
beneficiary;
e. Expenses for repair or damage to a principal residence; or
f. Burial expenses for a participant’s spouse, dependent or designated
beneficiary.
Hardship distributions shall be limited to the lesser of
your vested account balance or the amount needed to satisfy your hardship.
If you receive a hardship distribution from the Plan, you will not
be eligible to make voluntary contributions to the Plan for twelve months after
receipt of the hardship distribution. Hardship distributions may not be rolled
over to an IRA or other qualified plan.
See documents page for Explanation of Hardship and Supporting Documentation Requirements
Mandatory Distribution
For all mandatory distributions made on or after March 28,
2005, if the mandatory distribution is greater than $1,000 and less than
$5,000, if the participant does not elect to have such distributions paid
directly to an eligible retirement plan specified by the participant in a
direct rollover or to receive the distribution directly, then the plan
administrator will pay the distribution in a direct rollover to an individual
retirement plan designated by the plan administrator. Mandatory
distributions of less than $1,000 may be distributed to the participant at the
Trustees’ discretion.