Loans are not permitted by all retirement plans.
Your employer decides whether or not loans will be permitted by your retirement plan.
When loans are permitted the following basic rules apply:
- Payments are payroll deducted and made with after-tax money
- Repayment term is minimum 1 year and maximum 5 years
- Loan amount may not exceed 50% of your vested account balance
- ($1,000 is the minimum and $50,000 is the maximum)
- Interest rates will vary and are dependent on the current Prime Interest Rate
You will be contacted within 3 – 5 business days concerning your request.
If you have any questions or need any additional information please contact
Nancy Conners * 800-762-5413 ext. 3460 * email@example.com