Special rules relating to hardship withdrawals
For purposes of paragraph (2)(B)(i)(IV)—
(A) Amounts which may be withdrawn
(A)Amounts which may be withdrawn#
The following amounts may be distributed upon hardship of the employee:
(i) Contributions to a profit-sharing or stock bonus plan to which section 402(e)(3) applies.
(ii) Qualified nonelective contributions (as defined in subsection (m)(4)(C)).
(iii) Qualified matching contributions described in paragraph (3)(D)(ii)(I).
(iv) Earnings on any contributions described in clause (i), (ii), or (iii).
(A)(i)#
Contributions to a profit-sharing or stock bonus plan to which section 402(e)(3) applies.
(A)(ii)#
Qualified nonelective contributions (as defined in subsection (m)(4)(C)).
(A)(iii)#
Qualified matching contributions described in paragraph (3)(D)(ii)(I).
(B)No requirement to take available loan#
A distribution shall not be treated as failing to be made upon the hardship of an employee solely because the employee does not take any available loan under the plan.
(C)Employee certification#
In determining whether a distribution is upon the hardship of an employee, the administrator of the plan may rely on a written certification by the employee that the distribution is—
(i) on account of a financial need of a type which is deemed in regulations prescribed by the Secretary to be an immediate and heavy financial need, and
(ii) not in excess of the amount required to satisfy such financial need, and
that the employee has no alternative means reasonably available to satisfy such financial need. The Secretary may provide by regulations for exceptions to the rule of the preceding sentence in cases where the plan administrator has actual knowledge to the contrary of the employee’s certification, and for procedures for addressing cases of employee misrepresentation.
(C)(i)#
on account of a financial need of a type which is deemed in regulations prescribed by the Secretary to be an immediate and heavy financial need, and
(C)(ii)#
not in excess of the amount required to satisfy such financial need, and
that the employee has no alternative means reasonably available to satisfy such financial need. The Secretary may provide by regulations for exceptions to the rule of the preceding sentence in cases where the plan administrator has actual knowledge to the contrary of the employee’s certification, and for procedures for addressing cases of employee misrepresentation.