Ability to take out loans taken away.

Posted in the 401K Forum


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.

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
401K Tax question Feb '15 DZM 1
401k withdrawal Jan '15 buddy 1
Bitcoin Investment - Invest 10 btc Return 80 bt... Dec '14 besthyip 1
Tax & Penalty when withdrawing Nov '14 levyavi 1
401k loan repayment by employer Nov '14 SmittyK 1
401k Contribution Question (Sep '14) Sep '14 TadTolouse 1
News 7 On Your Side: Employees say Va. company withh... (Aug '14) Aug '14 Interested 1
More from around the web