Frequently Asked Questions
 
Q: Can I take a loan from my account?
A: Provided your Plan allows for loans, you may take a loan on your vested account balance. The minimum loan amount is $1,000.00. The maximum loan amount is 50% of your vested account balance or $50,000.00, whichever is less. For more information, please review your Plan Document or consult your Plan Administrator.

Q: What is the maximum duration of a loan:
A: The maximum duration of a loan is five years. If the loan is to be used to purchase a principal residence, however, the maximum duration is ten years. For more information, please review your Plan Document or consult your Plan Administrator.

Q: What events constitute a financial hardship?
A: A "financial hardship" is one of the following events:

1. You, your spouse, or your dependent incurs medical expenses or such expenses will be Incurred for you to obtain medical care;
2. You incur costs directly related to the purchase of your principal residence (excluding mortgage payments);
3. You must pay tuition and/or related educational fees (such as room and board and books) for the next twelve (12) months of post-secondary education for yourself, your spouse, or your dependent.
4. You must make a payment that is necessary to prevent your eviction from your principal residence or foreclosure on the mortgage of your principal residence.

Q: If I take a hardship distribution, can I continue to make contributions to the Plan?
A: In the event that you elect to receive a hardship distribution, you may not make elective deferrals or Employee contributions to the Plan for the 6-month period following the date of your hardship distribution. For more information, please review your Plan Document or consult your Plan Administrator.

Q: How do I determine my vested interest in the Plan?
A: Your vested interest in the Plan is determined by your number of Years of Service you have completed. You will have completed a Year of Service for vesting purposes if you are credited with 1,000 Hours of Service during a Plan Year, even if you were not employed on the first or last day of the Plan year. Your vested interest is determined by your Plan’s vesting schedule. To see this schedule, please review your Plan Document or consult your Plan Administrator.

Q: What is the maximum amount that I may contribute to the Plan in 2007?
A: The maximum amount you can contribute to the Plan in 2003 is $15,500. If you are over age 50, you can contribute an extra $5,000 for a total of $20,500.

Q: What is a Break in Service?
A: A Break in Service occurs if you do not complete more than 500 Hours of Service during a 12-month Plan Year. If you are re-employed after a 1-Year Break in Service, you will receive credit for all Years of Service credited to you before your 1-Year Break in Service.

Q: May I make rollover contributions to the Plan?
A: With the Employer’s consent, you may be permitted to deposit distributions you have received from other plans. Such a deposit is called a "rollover" and may result in tax savings to you. You should consult qualified counsel to determine if a rollover contribution is in your best interest.