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Hardship clause is a clause in a contract that is intended to cover cases in which unforeseen events occur that fundamentally alter the equilibrium of a contract resulting in an excessive burden being placed on one of the parties involved. [1][2] Hardship clauses typically recognize that parties must perform their contractual obligations even ...
A hardship withdrawal allows the owner of a 401(k) plan or a similar retirement plan — such as a 403(b) — to withdraw money from the account to meet a dire financial need. Hardship withdrawals ...
According to the IRS, to qualify for a 401(k) hardship withdrawal, you need to show an immediate and heavy financial need. This definition is subjective, and ultimately, it's up to your 401(k ...
An economic depression is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. It is often understood in economics that economic crisis and the following recession that may be named economic depression are part of economic cycles where the slowdown of the economy follows the economic growth and vice versa.
Universal health care (also called universal health coverage, universal coverage, or universal care) is a health care system in which all residents of a particular country or region are assured access to health care. It is generally organized around providing either all residents or only those who cannot afford on their own, with either health ...
The Employee Retirement Income Security Act of 1974 (ERISA) (Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions associated ...
Cycle of poverty. In economics, a cycle of poverty or poverty trap is when poverty seems to be inherited, preventing subsequent generations from escaping it. [1] It is caused by self-reinforcing mechanisms that cause poverty, once it exists, to persist unless there is outside intervention. [2] It can persist across generations, and when applied ...
Look up hardship in Wiktionary, the free dictionary. Hardship may refer to: Hardship clause, in contract law. Hardship post, in a foreign service. Extreme hardship, in immigration law. Undue hardship, in employment law and other areas. Category:
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