What are the reasons for financial hardship?
The following are the only acceptable reasons for obtaining a hardship distribution under the terms of the Dynamic Pension Services, Inc. prototype document: • To pay un-reimbursed medical expenses which you, your spouse, or dependents incur; • To purchase your principal residence; • To pay tuition for the next period of post-secondary education for you, your spouse, children, or dependents; • To prevent eviction from your principal resident or the foreclosure on your principal residence; • To pay funeral expenses of parents, spouse, children or dependents; or • To pay certain expenses relating to the repair of damage to the employee’s principal residence that would qualify for the casualty deduction, such as those resulting from hurricane or flood damage.
