§ 5.26.300. Withdrawal of Contributions.

Upon not less than 30 days' prior written notice filed with the Administrative Committee, effective as of the Entry Date following notification of the Trustee and Investment Manager by the Administrative Committee, a Participant who is an Employee may withdraw in cash all or a part of his Account balance as of the immediately preceding Valuation Date as provided and in the order set forth below. Except in cases of Hardship, a Participant may make only two withdrawals pursuant to this Section 5.26.300 per Plan Year.

A.

A Participant may withdraw all or a part of his After-Tax Contributions Account (if any).

B.

A Participant may withdraw all or a part of his Rollover Contributions Account (if any).

C.

A Participant may withdraw all or a part of his Matching Contributions Account in which he has a vested interest but a Participant may not make a withdrawal pursuant to this subsection unless he is either credited with at least 10 Years of Service or such withdrawal is made due to Hardship.

D.

A Participant who has withdrawn his entire After-Tax Contributions Account (if any), his entire Rollover Contributions Account (if any), and his entire Matching Contributions Account (to the extent vested) may in addition withdraw all or a part of his Tax Deferred Contributions Account (excluding any earnings credited to such Account on or after January 1, 1989), provided that the Participant has attained 59 1/2 or demonstrated to the Administrative Committee that he is suffering from Hardship. A withdrawal shall not be permitted for Hardship unless such withdrawal is on account of an immediate and heavy financial need of the Participant and is necessary to satisfy such financial need.

1.

Effective as of January 1, 2006, the determination of whether a Participant has an immediate and heavy financial need shall be made by the Administrative Committee on the basis of all relevant facts and circumstances. Nevertheless, a withdrawal shall be deemed to be made on account of an immediate and heavy financial need of a Participant if the withdrawal is on account of:

a.

Expenses for (or necessary to obtain) medical care that would be deductible under Section 213(d) of the Code (determined without regard to whether the expenses exceed 7.5% of adjusted gross income);

b.

The purchase (excluding mortgage payments) of a principal residence of the Participant;

c.

The payment of tuition for the next semester or quarter of post-secondary education for the Participant, the Participant's spouse, the Participant's children, or the Participant's dependents (as defined in section 152 of the Code, and for taxable years beginning on or after January 1, 2005, without regard to section 152(b)(1), (b)(2) or (d)(1)(B) of the Code);

d.

The need to prevent the eviction of the Participant from his principal residence or the foreclosure on the mortgage of the Participant's principal residence;

e.

On and after January 1, 2007, payment for burial or funeral expenses for the Participant's deceased parent, spouse, children or dependents (as defined in section 152 of the Code but without regard to subsection 152(d)(1)(B));

f.

On and after January 1, 2007, expenses for the repair of damage to the Participant's principal residence that would qualify for the casualty deduction under section 165 of the Code (determined without regard to whether the loss exceeds 10% of adjusted gross income); or

g.

Any other financial need which the Commissioner of Internal Revenue, through the publication of revenue rulings, notices, and other documents of general applicability, may from time to time designate as a deemed immediate and heavy financial need as provided in Section 1.401(k)-1(d)(2)(iii)(C) of the Treasury Regulations.

2.

Effective as of January 1, 2006, a withdrawal shall not be treated as necessary to satisfy an immediate and heavy financial need of a Participant to the extent the amount of the withdrawal exceeds the amount required to relieve the financial need or to the extent such need may be satisfied from other resources that are reasonably available to the Participant. The determination of whether the amount of a withdrawal is necessary to satisfy an immediate and heavy financial need shall be made by the Administrative Committee on the basis of all relevant facts and circumstances. Nevertheless, the amount of a withdrawal shall be deemed to be necessary to satisfy an immediate and heavy financial need of a Participant if: (a) the amount of the distribution is not in excess of the amount of the immediate and heavy financial need; (b) the Participant has obtained all distributions (other than Hardship distributions) and nontaxable (at the time of the loan) loans available under the terms of this Plan or any other plans of deferred compensation maintained by the County; and (c) the Participant irrevocably elects to suspend all elective contributions and employee contributions under this Plan (e.g., After-Tax Contributions and Tax Deferred Contributions) and all other plans of deferred compensation maintained by the County from the date on which the withdrawal is made until the close of the six-calendar-month period that began on the first day of the month following the date on which the withdrawal is made. For the purposes of this subsection D2, the term "other plans of deferred compensation" include, without limitation, all qualified and non-qualified deferred compensation plans and any cash or deferred arrangements that are part of a cafeteria plan, except that it does not include the mandatory employee contribution component of a defined benefit plan or welfare plan. For the purposes of this subsection D2 the County includes the County and all other employers which are required to be treated as a single "employer" under Treasury Regulation section 1.401(k)-6. If a Participant who also participates in the Horizons Plan takes an unforeseeable emergency distribution under the Horizons Plan, then, in accordance with the terms of the Horizons Plan, that Participant likewise irrevocably elects to suspend all elective contributions and employee contributions under all plans of deferred compensation maintained by the County, including this Plan, from the date on which the withdrawal is made until the close of the six-calendar-month period that began on the first day of the month following the date on which the withdrawal is made.

3.

Distributions may be made for expenses described in subsections 1.a., c. or e. (relating to medical, tuition, and funeral expenses, respectively) for a primary Beneficiary under the Plan as if that Beneficiary were the Participant's spouse or dependent.

(Ord. 2014-0017 § 20, 2014; Ord. 2008-0004 § 15, 2008; Ord. 2007-0001 § 5, 2007; Ord. 2004-0064 §§ 1, 2 (part), 2004.)