Okla. Admin. Code § 590:25-9-12

Current through Vol. 42, No. 4, November 1, 2024
Section 590:25-9-12 - Emergency withdrawals

Notwithstanding any other provisions of this Chapter, in the event of an unforeseeable emergency or financial hardship, such event being beyond the control of the Participant, a Participant may request the Plan Administrator to pay benefits to him or her immediately. If the application and justification for payment is approved by the Plan Administrator, payment will generally be processed by the Recordkeeper within ten (10) business days upon authorization from the Plan. Benefits to be paid shall be limited strictly to that amount needed to meet the emergency situation constituting financial hardship. Any remaining benefits shall be paid in accordance with this Chapter. Effective February 1, 2002, two (2) or more emergency withdrawals paid will result in cancellation of that Participant's deferrals into the Plan for a period of not less than six (6) months following payment of the emergency withdrawal. For purposes of this rule any emergency withdrawals since the Participant's initial enrollment into the Plan will be considered when applying this rule except that no cancellation will occur until the Participant has had a subsequent emergency withdrawal after February 1, 2002. The Participant will be responsible for re-establishing his deferral amount upon completion of the six-month cancellation period.

Okla. Admin. Code § 590:25-9-12

Amended at 13 Ok Reg 3333, eff 7-25-96; Amended at 18 Ok Reg 552, eff 12-28-00 through 7-14-01 (emergency); Amended at 18 Ok Reg 3266, eff 7-26-01; Amended at 19 Ok Reg 801, eff 12-20-01 (emergency); Amended at 19 Ok Reg 1481, eff 5-28-02; Amended at 21 Ok Reg 1766, eff 6-11-04