Laserfiche WebLink
AN-700 (03/21) 7 Alliance 2021 <br /> <br />ARTICLE 4 – WITHDRAWALS <br />Section <br /> <br />4.01 Subject to the specified restrictions, Participant-initiated withdrawals will be allowed during the life <br />of this Contract as described below. <br /> <br />a. Withdrawals out of the Plan without any assessment of a Market Value Adjustment: <br /> <br />1. Withdrawal due to the Participant’s death or disability, as defined by the Code; <br /> <br />2. Withdrawal due to the Participant’s retirement (early, normal or late); <br /> <br />3. Withdrawal due to the Participant’s separation of service, however if the separation of service <br />is due to plant shutdown or any other program instituted by the employer (such as a change <br />to the early retirement program), only 20% of this Contract would be allowed to be withdrawn <br />under this section in a calendar year. Excess withdrawals over 20% will be assessed a <br />Market Value Adjustment; <br /> <br />4. Withdrawal due to the Participant’s financial hardship or unforeseeable emergency as defined <br />by the Code and if applicable, certified by the Employer; <br /> <br />5. Withdrawal pursuant to a qualified domestic relations order (QDRO); <br /> <br />6. Withdrawal due to the annuitization under the Contract (Article 5); <br /> <br />7. Withdrawal due to a Participant loan; <br /> <br />8. Withdrawal due to a Participant attaining the age at which the Code allows withdrawals <br />without penalty, as allowed by the Plan as an in-service withdrawal; <br /> <br />9. Withdrawal due to Plan termination, which includes the complete liquidation of assets from <br />the Plan, unless we have notified you at least 90 days in advance of that event that a Market <br />Value Adjustment would apply. <br /> <br />10. Withdrawals to fund Qualified Birth or Adoption distributions as permitted by the Plan and <br />defined by the Code. <br /> <br />b. Withdrawals to be transferred to other investment options within the Plan without any <br />assessment of Market Value Adjustment: <br /> <br />1. Withdrawals due to a Re-enrollment Program when such program is limited to no more than <br />20% of the value of the Contract Owner Account being withdrawn as a result of the re- <br />enrollment. Excess withdrawals over 20% will be assessed a Market Value Adjustment; <br /> <br />2. Withdrawals that occur automatically due to a previously established automatic investment <br />allocation program. For withdrawals that result from the initial establishment of an a utomatic <br />investment allocation program or a change to a new methodology for determining automatic <br />investment allocations see 4.01(c)(2); <br /> <br />c. Other withdrawals that will have restrictions or market value adjustments: <br /> <br />1. Withdrawals not listed above that are in-service withdrawals out of the Plan that are allowed <br />by the Plan, will be subject to a Market Value Adjustment calculated pursuant to the formula <br />described below, unless such withdrawals occur because of a change in the law and are <br />otherwise permitted under the Plan;