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.