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Showing content with the highest reputation on 07/24/2013 in all forums
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Getting around the five-year rule for participant loans
401king reacted to ForksnKnives for a topic
Even if you viewed that series of transactions as a "deemed refinancing" as discussed in that thread, I don't see how that would treat the two loans any differently than if the participant took the second loan out for any other purpose. It's up to the participant to take steps to pay off the first loan. The participant is still stuck with future loan availability affected by the simultaneous existence of both loans.1 point -
Plan Termination and 1 year Distribution Requirement
ETA Consulting LLC reacted to Bird for a topic
Just to clarify, it's not that you have to distribute within one year, it's that if you don't, the plan isn't effectively terminated and you have to keep the document up-to-date and otherwise operate it like an ongoing plan. I'm not sure that's the biggest thing they have to worry about.1 point
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