Articles for: loans
A participant wants to pay off one 401(k) loan and take another. What is the process?
In order to pay off a loan, it must first be determined what the payoff amount would be. The amount of the payoff equals the principal amount outstanding plus any [...]
Key words: 401k,Defined Contribution,loans,payoffs
What is the Seal 401(k) Savings Act?
The Savings Enhancement by Alleviating Leakage (SEAL) in 401(k) Savings Act of 2011, introduced by Sen. Herb Kohl (D-WI) and Sen. Mike Enzi (R-WY), is designed to improve the efficiency [...]
Key words: Legislation,loans
Does my 401(k) plan permit hardship distributions or loans?
Possibly, but each plan is different. You should contact your Plan Administrator or Human Resources department to obtain a copy of your plan’s Summary Plan Description (SPD). The SPD will [...]
Key words: 401k,loans