9 Hardship Withdrawals You can receive a hardship withdrawal if you have an immediate and heavy financial need and other funds are not available to you to meet that need. The following are the only financial needs considered “immediate and heavy.” • Tax-deductible medical expenses for you or your immediate family that are not covered by insurance or other health plans; • Payment for repair of damage/casualty loss to principal residence; • Purchase of your principal residence, excluding mortgage payments; • Payment of tuition for you or your immediate family for the next 12 months of post-secondary education; • Payment to prevent eviction from your home or foreclosure on your principal residence; • Burial or funeral expenses for parents, spouse or dependents. You must have obtained all permissible distributions and all non-taxable loans from all plans maintained by your employer, including this one, before you will qualify for a hardship withdrawal. The amount of your hardship withdrawal amount is limited to the amount of your immediate and heavy financial need, plus the amount needed to pay the taxes that result from the withdrawal. The minimum withdrawal is $500. If your individual account balance is less than $500, you are not eligible for a hardship withdrawal. You may be charged a reasonable administrative fee as determined by the Trustees. Hardship withdrawals are subject to regular income taxes and an additional 10 percent tax penalty if they are received before you reach age 59½. Loans If you are actively employed in Covered Employment, you may apply for a loan if the balance in your account is at least $2,000. The minimum loan is $1,000. The maximum loan cannot be more than 50 percent of your account balance or $50,000. However, if you are a Qualified Participant, you may apply for a loan of up to the lesser of $100,000, or 100% of your account balance, between March 27, 2020 and September 22, 2020. You may have only one outstanding loan at a time, and loans cannot be refinanced. You will be charged an application fee for any loan requested after July 1, 2014. Interest on a loan will be at the prime lending rate plus 1 percent as reported in the Wall Street Journal. You may pay back the loan in a period of from six months to 60 months, except that loans for the purchase of your principal residence may be paid back over 120 months. If you are receiving disability benefits from your employer, your loan payments will be suspended while you are receiving such benefits. However, your loan payments will not be suspended beyond 60 months or 120 months (if the loan was used to purchase your principal residence) if your loan payment is suspended while receiving disability payments. Loan payments will also be suspended during periods of military service. Additionally, if you are a Qualified Participant, you may suspend loan repayments due between March 27, 2020 through December 31, 2020. The Plan will adjust any subsequent repayments to reflect the extension of the due date and any interest accrued.