Resolution 5440 - Laserfiche WebLink

resulting from an illness or accident of the Participant or Beneficiary, the Participant's or Beneficiary's spouse, or the Participant's or Beneficiary's dependent (as defined in Code section 152(a)); loss of the Participant's or Beneficiary's property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by homeowner's insurance, e.g., as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant or the beneficiary. Examples of unforeseeable emergencies include (1) imminent foreclosure of or eviction from the Participant's or Beneficiary's primary residence, (2) the need to pay for medical expenses (including non-refundable deductibles), as well as for the cost of prescription drug medication and (3) the need to pay for the funeral expenses of a spouse or a dependent (as defined in Code section 152(a)). Note that the purchase of a home and the payment of college tuition are typically not unforeseeable emergencies. The Participant must satisfy the Employer that the facts and circumstances of his or her situation fall within the definition of unforeseeable emergency. A distribution on account of an unforeseeable emergency may not be made to the extent the emergency is or may be relieved through reimbursement or compensation from insurance or otherwise by liquidation of the Participant's assets (to the extent liquidation would not itself cause severe financial hardship) or by cessation of deferrals under the Plan. 7.2 Transfers In All or a portion of an Employee's benefit may be transferred from an Eligible Deferred Compensation Plan maintained by another eligible tax-exempt employer and credited to the Participant's Account under this Plan as long as the transfer or plan provides that such transfer can be made and the Employee has severed employment with such other employer. As it deems necessary, the Employer may require such documentation from the transferor plan to effect the transfer, to confirm that such plan is an Eligible Deferred Compensation Plan within the meaning of Code Section 457(b) and to ensure that transfers are provided for under such plan. The Employer may refuse to accept a transfer in the form of assets other than cash, unless the Employer agrees to hold such other assets in trust under the Plan. Any amounts transferred that have been deferred during the current calendar year will be considered deferrals subject to current calendar year deferral limitation. 7.3 Transfers Out All or a portion of a Participant Account may be transferred to an Eligible Deferred Compensation Plan maintained by another eligible tax-exempt employer as long as the transferee plan provides that such transfer can be made and the Employee has severed employment. Upon the completion of such transfer, the Plan and Employer are discharged of any liability to the Participant to pay amounts so transferred. As it deems necessary, the Employer may require such documentation from the other plan to Final 457 Treasury Regulations 2 Tax-exempt 457 Plan Amendment 2003