Haw. Code R. § 14-44-32 - Limitations on withdrawals

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 financial hardship.

Notes

Haw. Code R. § 14-44-32

[Eff. MAY 12 1983] (Auth: HRS § 88E-3) (Imp: HRS § 88E-3) Comp 10/7/2023