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4.1445 Limitations on withdrawals.

Cite as [A.S.A.C. § 4.1445 ]

An emergency withdrawal shall only be approved by the board to the extent that:

(a) it is reasonably needed to satisfy the emergency; and

(b) severe financial hardship cannot be relieved by:

(1) reimbursement or compensation from sources other than an emergency withdrawal under the plan;

(2) cessation of deferrals under the plan; and

(3) liquidation of the participant's assets, to the extent that the liquidation of assets would not in itself cause severe financial hardship.

History: Rule 11-87, eff 17 Jun 87.