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PFranckowiak

Plan Takeover Loan Set up

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Plan Merger.  Don't have money yet, cannot set up a takeover loan until money is transferred in.  Participants already are having loan payments that we have just sitting in the account to set up the loan.

Participant will not have much money when transferred in as they apparently took a hardship after the loan.

If there is not a big enough balance, how do you force the loan to work.  No help from Relius, said I had to put fake money in fake accounts.  This is a large, audited daily plan, so I don't want to have "fake" accounts.

Any ideas?

 

 

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In the past I have set the takeover loan up with a "fake" balance as Relius suggests and then simply remove the "fake" balance.  You don't have to leave it in there unless you have to reverse the takeover loan transaction for some reason.

 

 

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so I guess you could change (via DER) the beginning balance in an account by 100,000. then enter the loan.

then use the same DER and decrease that beginning bal ($ and units) by 100000.

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