HAR §14-44-32
HAR §14-44-32. Limitations on withdrawals
Cite as Haw. Code R. § 14-44-32
An
emergency withdrawal shall only be approved by the
board to the extent that:
(1)
It is reasonably needed to satisfy the
emergency; and
(2)
Severe financial hardship cannot be relieved
by:
(A)
Reimbursement or compensation from
sources other than an emergency
withdrawal under the plan;
(B)
Cessation of deferrals under the plan;
and
(C)
Liquidation of the participant's
assets, to the extent that the
liquidation of assets would not in
itself cause severe!ciir~~c ~
hardship.
[Eff 5/12/83; comp
]
(Auth:
HRS §88E-3)
(Imp:
HRS §88E-3)
44-20
§14-44-34
§14-44-33
Payment; board approval; distributions
from designated Roth account.
(a)
Only emergency
withdrawals which have been approved by the board
shall be made under the plan.
(b)
Payments shall be made as directed by the
board and shall include amounts which are required to
be withheld for income tax purposes.
(c)
If an emergency withdrawal is not approved
by the board, the administrator shall promptly notify
the participant in writing of the disapproval and the
reason for the disapproval.
(d)
A distribution to satisfy an approved
emergency withdrawal shall not be permitted from the
designated Roth account.
[Eff 5/12/83; am and comp
OCT _, 2023
]
(Auth:
HRS §88E-3)
(Imp:
HRS
§88E-3)
SUBCHAPTER 7
TRANSFERS BETWEEN EMPLOYERS
§14-44-34
Transfers between employers under the
plan.
(a)
When a participant changes employment from
one employer to another employer under the plan,
benefits shall not be payable under the plan.
The
participant's deferred compensation account with
respect to previously deferred amounts shall continue
in full force and effect.
(b)
The amounts deferred in the participant's
deferred compensation account, including income
attributable to the investment of the amounts
deferred, shall be transferred to the new employer.
The participant's rights under the plan shall be
maintained by the new employer.
(c)
A participant shall file an amended
participation agreement and other forms as may be
required to have compensation deferred by the new
44-21