to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the participant’s assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). (C) Disabled For purposes of subparagraph (A)(ii), a participant shall be considered disabled if the participant— (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the participant’s employer. (4) Acceleration of benefits (A) In general The requirements of this paragraph are met if the plan does not permit the acceleration of the time or schedule of any payment of equity-based compensation under the plan, except as provided in regulations by the Secretary. (B) Exception A plan shall not be treated as failing to meet the requirement of subparagraph (A) solely because the plan terms permit the removal of participants who are or become ineligible to participate in the plan, and to distribute the benefits of such participants to another qualified retirement plan (as defined in section 4974(c)) of the participants, if such removal is necessary to maintain the plan's exemption from the provisions of the Employee Retirement Income Security Act of 1974. (5) Elections (A) In general The requirements of this paragraph are met if the requirements of subparagraphs (B) and (C) are met. (B) Initial deferral decision (i) In general The requirements of this subparagraph are met if the plan provides that equity-based compensation for services performed