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You may retire on the first day of the month which coincides with or immediately follows your Normal Retirement Date. Your Normal Retirement Date is the date you reach the age of fifty-five (55).
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The determination of the existence of financial hardship and the amount required to meet the need created will be made on a uniform and nondiscriminatory basis by the Trustees based on the standards set forth herein and considering all relevant facts and circumstances. The Trustees in their discretion may permit hardship withdrawals with respect only to the following:
- Medical expenses incurred by you, your spouse or dependents to the extent not subject to reimbursement through insurance or other coverage;
- Major uninsured casualty losses;
- Payments necessary to prevent the eviction from or foreclosure on your primary residence;
- Funeral and related expenses arising out of a death in the Participant’s immediate family, including but not limited to, the Participant’s spouse, children, parents, or grandparents;
- Costs directly related to the purchase of a principal residence for you (excluding mortgage payments);
- Payment of tuition, related educational fees, and room and board expenses for up to the next 12 months of post-secondary education for the Participant, or the Participant's spouse, children, or dependents; or
- Any other of your immediate and heavy financial need, as determined by the Trustees in their sole discretion, including but not limited to the following: (a) payment of utility bills more than one month past due; (b) payment on a loan for a vehicle necessary for work if more than one month past due and to avoid repossession of the vehicle (such distributions are limited to $5,000 after taxes and penalties); (c) payments necessary to purchase a reliable vehicle necessary for work (such distributions are limited to $5,000 after taxes and penalties); (d) payments necessary to repair a vehicle necessary for work (such distributions are limited to $5,000 after taxes and penalties); (e) payments for necessary home repairs; and (f) payment of credit card bills more than one month past due as the result of a reduction in the Participant's income.
The decision of the Trustees whether to permit a hardship withdrawal shall be final and binding and conclusive. The Trustees reserve the right to (a) add to, modify or change the terms or conditions for hardship withdrawals, or (b) eliminate hardship withdrawals from the Plan at their sole discretion at any time and for any reason and such decision shall be final and binding.
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You may not apply for a hardship withdrawal prior to obtaining a balance of at least $2,000 in your Participant Account. You may not apply for a hardship withdrawal unless the amount required to meet the need created by the financial hardship is $1,000 or more. In addition, the administrative expenses incurred in the processing of the hardship withdrawal may be charged to your Participant Account.
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In the case of hardship you may apply for withdrawal of an appropriate portion of your Credit Account. A withdrawal will be deemed by the Trustees to be on account of hardship if the withdrawal is necessary in light of your immediate and heavy financial needs. A withdrawal based upon financial hardship cannot exceed the amount required to meet your immediate financial need created by the hardship and not available from other resources reasonably accessible to you. Your resources shall be deemed to include those assets of your spouse and minor children which are reasonably available to you.
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When you apply for benefits, benefit payments will commence no later than 60 days after the close of the Plan Year in which the latest of these events occur: (1) you attain your normal retirement age, or (2) you celebrate the fifth anniversary of the Plan Year in which you commenced participation in the Plan; (3) you terminate your employment in the industry. In any event, however, you must start receiving benefit payments by your Required Beginning Date.
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You must complete an application and mail it to Heather Lawrence at 12515 Corporate Drive, Parma OH 44130. |