Ability to take out loans taken away.

Ability to take out loans taken away.

Posted in the 401K Forum

401k_guy

Livonia, MI

#1 Aug 17, 2012
ok so i took out a loan from my 401K for 1000 dollars. that very week got my check note attached saying. 401k loans will no longer be approved signed president of my company. 2 weeks later letter with check loans are now re-instated signed president of company. I don't understand this at all. Seems odd.
Hello

Boynton Beach, FL

#3 Apr 5, 2013
The president found out that he couldn't just stop offering loans. While loans are not required to be offered by 401(k) plans them being allowed in the first place means it has to be written into the plan document so to take them away would require amending the plan.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

401K Discussions

Title Updated Last By Comments
Check out MJLB Nov 29 barang 1
Advise - ADP-401K - Should I Invest? Nov 21 401knomore 2
Kitchen Cabinets For Sale In Slough Area UK Nov 9 nove01 1
catch up contribution Oct '16 Anonymous 1
High Yield PM Investment 80% daily for 30 days Sep '16 besthyip 1
401k matching loss Sep '16 MarkMark 1
Outsmart the IRS : Invest Offshore and Secure Y... Sep '16 BushDidIT 1
More from around the web