§ 33.080 HARDSHIP WITHDRAWALS.

   (A)   Upon a showing of financial hardship, the Committee shall permit a participant to withdraw from his or her salary deferral contribution account an amount not in excess of the lesser of:

      (1)   The amount by which the balance in such participant’s salary deferral contribution account exceeds the outstanding principal balance of all loans to the participant under §§ 33.095 through 33.101; or

      (2)   The amount required to meet the immediate financial need created by the hardship and not reasonably available from other resources of the participant.

   (B)   The Committee’s determination as to whether the requisite financial hardship exists shall be made in accordance with the requirements of I.R.C. § 401(k) and the regulations thereunder. A participant shall make hardship withdrawal requests on such form and in such manner as the Committee may prescribe and in approving hardship withdrawals, the Committee shall follow a uniform, nondiscriminatory policy.

(Ord. MET 86-13, passed 5-30-1986)