Section 2700.740  Unforeseeable Emergency

a)         A distribution of all or a portion of a Participant's Deferred Compensation Account or a change in method of distribution to a Participant shall be permitted in the event the Participant experiences an Unforeseeable Emergency.

b)         Distributions shall not be made to the extent that the hardship is or may be relieved:

1)         through reimbursement or compensation by insurance or otherwise;

2)         by liquidation of the Participant's assets to the extent the liquidation of assets would not itself cause severe financial hardship; or

3)         by cessation of deferrals under the Plan.

c)         A Participant's deferrals will automatically be revoked upon application for a hardship distribution.

d)         If the application is approved, the Participant cannot re-enroll for 6 months following receipt of the hardship application, unless the application is to request cessation of distribution payments.

e)         For the purposes of this Plan, a Beneficiary whose interest has "vested" in accordance with Section 2700.415 of this Part shall have all rights of a Participant to request a distribution in the event of an Unforeseeable Emergency.

f)          A Participant desiring a distribution by reason of a serious Unforeseeable Emergency must apply to the Hardship Committee and demonstrate that:

1)         the circumstances being experienced were not under the Participant's control, and

2)         the circumstances constitute a real emergency that is likely to cause the Participant great financial hardship.

g)         The Hardship Committee shall have the authority to require medical or other evidence as it may need to determine the necessity for Participant's withdrawal request.  In the event this information is not provided, the case will be considered closed 60 days after the date of request by the Hardship Committee.

h)         The Hardship Committee shall reach its decision to approve or disapprove the financial hardship withdrawal request within 30 days following receipt of the completed application and necessary information required by the application or the Hardship Committee.

i)          In the event a Participant is not satisfied with the decision of the Hardship Committee on an application for an Unforeseeable Emergency distribution or change in distribution, the Participant may appeal in writing to the Board within 15 days after receipt of the Hardship Committee's decision.

j)          The Board shall, within 30 days after receipt of the appeal, conduct a hearing and review evidence presented by the Participant.

k)         The Board shall then render a final decision within 15 days after the hearing that shall be binding on all parties.

l)          If an application for an Unforeseeable Emergency distribution is approved, the distribution shall be limited to an amount sufficient only to meet the emergency and shall in no event exceed the amount of his or her Deferred Compensation Account as of the Valuation Date next preceding or coincident with the withdrawal.

m)        The allowed distribution shall be payable in a method determined by the Hardship Committee and shall commence as soon as possible, but not later than 30 days after notice to the Participant and the Department of approval of the request by the Committee.

(Source:  Amended at 30 Ill. Reg. 8408, effective April 21, 2006)