A Participant may borrow against his or her Participant contributions, subject to certain restrictions, including minimum amounts. The maximum loan that can be outstanding at the time a loan is made shall be the lesser of 45% or $50,000 of the Participant's total accumulation in his or her Participant Contribution Account (including earnings). Loans must be repaid in five years, or ten years if used to purchase a primary residence.
Age 59-1/2 Withdrawals
A Participant may withdraw from the Plan amounts allocated to a Supplemental Retirement Annuity can be withdrawn for any reason after attaining age 59-1/2.
A Participant may withdraw from the Plan his or her own contributions that are allocated to a Retirement Annuity for any reason after Participant attains attaining age 59-1/2. Also, a Participant
Employer contributions are not permitted to be withdrawn from the Plan while the Participant remains employed by the College.
A Participant may elect to receive, while still working, after taking the full amount of any loans from the Plan (see above), the portion of his or her own contributions (exclusive of investment earnings) the amount necessary to satisfy an immediate and heavy financial "hardship." This means expenses arising from one of the following: