Define: Financial Hardship
What does "Financial Hardship" mean? The meaning differs based on the contract. We found 4 definitions across 4 companies in SEC filings.
Definition 1 (AFLAC INC, seen in 1 filing)
Financial Hardship means an emergency need as determined by the Administrative Committee in its sole discretion, based on the Participant's representation and supporting documentation, for which a distribution from the Plan is necessary to satisfy the emergency need, and which meets the requirements of Treasury Regulation Section 1.409A-3(i)(3) or any successor provision.
Source: AFLAC INC 10-K
Definition 2 (EQUIFAX INC, seen in 1 filing)
Financial Hardship means an unexpected need for cash arising from illness, casualty loss, sudden financial reversal, or other such unforeseeable occurrence which is not covered by insurance and which is determined to qualify as a Financial Hardship by the Administrator. Cash needs arising from foreseeable events such as the purchase of a residence or education expenses for children shall not, alone, be considered a Financial Hardship. The Administrator shall make its determination of Financial Hardship in a manner consistent with the requirements of Section 409A.
Source: EQUIFAX INC 10-K
Definition 3 (AMEREN CORP, seen in 1 filing)
Financial Hardship means a severe financial hardship to a Participant resulting from an illness or accident of the Participant, the Participant s spouse or a dependent (as defined in Code Section 152(a)) of the Participant, loss of the Participant s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant.
Source: AMEREN CORP 10-K
Definition 4 (COMCAST CORP, seen in 1 filing)
Financial Hardship means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant s spouse, or a dependent (as defined in Section 152(a) of the Code) of the Participant, loss of the Participant s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the participant.
Source: COMCAST CORP 10-K
Data extracted from 4 SEC EDGAR filings across 4 companies. Source: Material contracts (Exhibit 10) filed under Regulation S-K.
This page presents definitions found in actual SEC filings for informational purposes. The specific definition appropriate for your contract may vary based on jurisdiction, industry, and specific circumstances. Consult with a qualified attorney for legal advice.