BB&T 401(k) Savings Plan - Instructions for Hardship ...

BB&T 401(k) Savings Plan || Instructions for Hardship Withdrawal Form

Please read the Special Tax Notices included at the end of this distribution package before making any elections. Hardship withdrawals are NOT eligible to be rolled over.

SECTION 1

Complete all fields including your name, Social Security number, daytime phone number, date of birth, mailing address, and street address. ? Your mailing address will be changed to the mailing address indicated on your form. ? You MUST provide a street address if your mailing address is a post office box or is not your permanent residence. ? Unless you elect direct deposit, distributions in excess of $100,000 will be sent to your street address via overnight mail

SECTION 2

Indicate the reason for your withdrawal. Only one reason type may be selected. See the Hardship Distributions General Requirements pages of this package to determine the documentation requirements for the reason you select.

SECTION 3

Indicate the amount of withdrawal you are requesting AND make your tax withholding election. ? Indicate the specific dollar amount needed to satisfy your hardship. ? Make one withholding election. For example: Assume you demonstrated a need for a hardship withdrawal and you requested a withdrawal in the specific dollar amount of $5,000. 1. If you chose "Withhold 10% for federal income taxes plus the required amount, if applicable, for state income taxes." ? $500 (10% of the $5,000 you requested) would be paid to the IRS for federal income tax withholding. ? State tax requirements and amounts vary by state. If your state requires income tax withholding, the applicable state taxes will be withheld. For illustration purposes, assume your state requires 4% withholding. If you choose this withholding election, $200 (4% of the $5,000) would be paid to your state Department of Revenue for state income tax withholding. ? Your total withdrawal amount would be $5,000. ? The amount you would receive would be $4,300 ($5,000 ? $500 ? $200). 2. If you chose "DO NOT withhold federal or state income taxes." ? No income taxes would be withheld from your distribution, and no taxes would be paid either to the IRS or to your state Department of Revenue. Consult your tax advisor if you have questions about the implications of choosing not to withhold taxes from your distribution. ? Your distribution amount would be $5,000. 3. If you chose, "Increase the amount of my specific dollar amount above in order to withhold 10% federal income taxes plus the required amount, if applicable, for state income taxes." ? For illustration purposes, assume your state requires 4% withholding. ? Your total withdrawal amount would be increased to $5,813.95 to pay the IRS for federal income tax withholding and your state Department of Revenue for state income tax withholding. ? Your federal income tax withholding would be $581.39 (10% of the $5,813.95 withdrawn from your account). ? Your state income tax withholding would be $232.56 (4% of the $5,813.95 withdrawal). ? The amount you would receive would be $5,000 ($5,813.95 ? $581.39 ? $232.56).

Instructions for BB&T 401(k) Savings Plan Hardship Withdrawal Form | 1

SECTION 4 Complete this section if you wish to receive your payment by direct deposit. Otherwise, a check will be mailed to your home address.

? If any information provided in this section is illegible, BB&T reserves the right to pay via check. ? By signing the distribution form, you agree to refund BB&T any payment credited in error to the specified account. SECTION 5 You must sign and date the form in the presence of a notary before your distribution can be processed.

All forms must be complete and all required documentation must be attached before your hardship withdrawal request is processed

If you have questions or need help completing this form, call 1-800-716-2455, option 1. Instructions for BB&T 401(k) Savings Plan Hardship Withdrawal Form | 2

BB&T 401(k) Savings Plan || Requirements for Hardship Withdrawal

GENERAL REQUIREMENTS

Section 4.1 of the BB&T Corporation 401(k) Savings Plan, which covers hardship withdrawals, states, "A distribution will be on account of hardship only if the distribution is on account of an immediate and heavy financial need of the participant and is necessary to satisfy such financial need." Therefore, the expense must be current at the time of the request and not already paid by some other source. Taxes and Penalties: Enclosed is a copy of the Special Tax Notice Regarding Plan Payments. This notice is provided to help you and your tax advisor determine the tax consequences of your distribution decision. Your withdrawal is not eligible for rollover to an IRA or other taxqualified plans. Withdrawals prior to age 59 ? may be subject to the IRS 10% early withdrawal excise tax required by the Tax Reform Act of 1986. The Plan Administrator cannot withhold the 10% early withdrawal excise tax for you.

HIGHER EDUCATION DOCUMENTATION

The withdrawal form must be accompanied by a current tuition statement from the college. This statement should include related items such as room and board, books, parking, etc. Verification of enrollment or pre-registration is required from a college official and should include student's name, Social Security Number, and a year of enrollment. Amount requested should be less any scholarships/financial aid.

? Room can be rent for on- or off-campus housing for up to 12 months. If it is off-campus, a copy of the lease is needed. Expenses include: water, electric, cable, land line (no cell phones), meal plans from the campus only, parking for off campus housing, parking for campus. What is not included: cleaning services, food (unless meal plan through campus; meal expenses can only be approved for on-campus meal plans), expenses associated with furnishing apartment, expenses related to transportation.

? If rent is for off-campus: ? Can only reimburse for months in which student is shown to be enrolled. ? Copy of the lease is needed. ? Can reimburse for prior months (within 12 months) if there is a proven hardship (late payment notice/eviction notice).

? Receipts can be accepted for books and school supplies such as a computer. Documentation from the school that a computer is required must be provided.

PREVENTION OF EVICTION DOCUMENTATION

The withdrawal form must be accompanied by a currently dated signed and notarized statement from your landlord. The statement should be addressed to BB&T Plan Administrator and state that the eviction process is currently underway. The statement should also contain an itemization of all charges owed to landlord.

PREVENTION OF FORECLOSURE DOCUMENTATION

The withdrawal form must be accompanied by all of the following: ? A copy of the letter from the lender advising you that foreclosure is imminent unless the loan is brought current. ? Documentation from the lender of the dollar amount necessary to bring the loan current. You can include the current payment amount to bring the loan current.

Requirements for BB&T 401(k) Savings Plan Hardship Withdrawal | 3

EXTREME MEDICAL EXPENSES DOCUMENTATION The withdrawal form must be accompanied by currently dated statements (must be within 45 days) from your medical facilities, documenting that insurance will not cover the amount due or that it has been filed and denied. If the medical bills submitted are not current or do not reflect the status of insurance payment, the processing of your withdrawal request may be delayed, suspended, or denied. PURCHASE OF PRIMARY RESIDENCE DOCUMENTATION The withdrawal form must be accompanied by the following supporting documentation:

? A copy of the sales contract, signed by the buyer and seller, stating the price of the house. A closing date must be included on the contract.

? Hardship Withdrawal Required Documentation ? A copy of the buyer's residential loan application signed by both the buyer and a representative of the lending institution showing

the amount being financed towards the purchase of the residence. ? Certification that the property is to be occupied as your primary residence, either checked on the residential loan application or in a

signed, notarized statement. ? Signed and dated statement from lender showing Total Estimated Cash Needed at Closing on letterhead. The total amount needed

must match the total amount on the residential loan application, Section VII(p). NOTE: A hardship distribution is limited to the net difference between the cost of the house and the amount being financed. BURIAL OR FUNERAL EXPENSES DOCUMENTATION The withdrawal form must be accompanied by currently dated statements from the funeral home documenting the expenses are for your relative (spouse, children, dependents, etc) as defined by Section 152 without regard to Section 152(b), (1), (b), (,) and payable by you or your spouse. DEDUCTIBLE CASUALTY EXPENSES DOCUMENTATION The withdrawal form must be accompanied by currently dated (within 45 days) invoices from a building contractor or building supplier documenting total expenses for the repair of damage to your principal residence. You must provide a copy of your homeowner's policy settlement.

? Must certify that the difference between what homeowners insurance pays and the contractor or supplier charges can be claimed under Internal Revenue Code section 165 casualty loss deductible.

Requirements for BB&T 401(k) Savings Plan Hardship Withdrawal Form | 4

BB&T 401(k) Savings Plan || Hardship Withdrawal Form

Please keep in mind that you may only take two withdrawals per calendar year. This includes voluntary withdrawals and hardship withdrawals.

S E C T I O N 1: PA RT I C I PA N T I N F O R M AT I O N

Name: ________________________________________________________________________________ SSN: ________________________________________

FirstMiddleLast

Date of Birth: _________________________________________________________ Daytime Phone: ____________________________________________

Mailing Address: ____________________________________________________________________________________________________________________

StreetCityStateZip

Permanent Residence Address: _____________________________________________________________________________________________________

StreetCityStateZip

Email Address (Optional): ___________________________________________________________________________________________________________

SECTION 2: RE ASON FOR WITHDRAWAL (Check One)

Indicate the reason for this hardship withdrawal below. ALL required documentation must be attached to this form (See above Hardship Required Documentation section).

EXTREME MEDICAL EXPENSES ? Expenses for medical care that would be deductible under Section 213(d) (determined without regard to whether the expenses exceed 7.5% of adjusted gross income)

PURCHASE A PRIMARY RESIDENCE ? Expenses directly related to the purchase of a primary residence for the associate ___________ I confirm this hardship request is for the purchase of my primary residence.

(Initial)

HIGHER EDUCATION ? Expenses for tuition, related educational fees and room and board expenses for up to the next 12 months of post-secondary education for the associate or for the associate's spouse, children or dependents (as defined in Section 152 and without regard to Section 152(b)(1), (b)(2) and (d)(1)(B))

PREVENTION OF EVICTION? Expenses necessary to prevent the eviction of the associate from their primary residence ___________ I certify the eviction is for my primary residence.

(Initial)

PREVENTION OF FORECLOSURE ? Letter from lender advising foreclosure is imminent unless mortgage is brought current ___________ I certify the foreclosure is for my primary residence.

(Initial)

BURIAL OR FUNERAL EXPENSES ? Expenses for burial or funeral expenses for the associate's deceased spouse, children or dependents (as defined in Section 152 and without regard to Section 152(b)(1), (b)(2) and (d)(1)(B))

DEDUCTIBLE CASUALTY EXPENSES ? Expenses for the repair of damage to the associate's primary residence that would qualify for the casualty deduction under Section 165 (determined without regard to whether the loss exceeds 10% of adjusted gross income)

S E C T I O N 3: A M O U N T O F W I T H D R AWA L A N D W I T H H O L D I N G E L E C T I O N O P T I O N S

Specific dollar amount needed to satisfy your hardship:

$___________________________

The withdrawal indicated above will be pro-rated across all investments, including any balance you may have in Roth 401(k), unless you elect one of the exceptions below:

Exclude Roth 401(k) Roth 401(k) only

Withholding Election:

Withhold 10% for federal income taxes, plus any applicable state taxes (if required). The net amount I will receive will be less than the specific dollar amount I requested due to the income taxes withheld from my distribution.

DO NOT Withhold federal or state income taxes.

Increase the amount of my specific dollar amount in order to withhold 10% federal income taxes, plus the required amount, if applicable, for state income taxes. The amount of my distribution will be increased automatically, up to the maximum available, by the tax amounts. If I have sufficient funds available, I will receive a net distribution of my requested amount.

BB&T 401(k) Savings Plan Hardship Withdrawal Form | 5

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