do you know the drawbacks for this type or variety of loan or even the repercussions for lacking re re payments? These records sheet responses these questions and offers information that is general the information and mechanics of 401(k) loans.
What's a k that is 401( loan?
A 401(k) loan is a pastime bearing loan on a participant’s current 401(k) stability.
- There aren't any fees withheld or charges assigned whenever financing is initially taken.
- Charges might be charged upon loan creation. Begin to see the Loan Administration Policy/Program for certain participant loan limitations and expenses.
- 401(k) loans aren't reported to credit reporting agencies.
Are 401(k) loans a plan provision that is optional?
Yes. Look at the Plan Document to ensure whether loans are allowed.
- If loans are allowed, begin to see the Loan Administration Policy/Program for...