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Showing content with the highest reputation on 06/29/2016 in Posts
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401(k) loan collateral
hr for me reacted to My 2 cents for a topic
I don't work on 401(k)s, but I think the limit is only applied when the loan is taken.1 point -
Also, isn't the 50% requirement only at the time the loan is taken, and not for the life of the loan.1 point
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401(k) loan collateral
K2retire reacted to My 2 cents for a topic
If there is a default on the repayments, the balance is treated as a distribution (with the associated taxes having to be paid from whatever other assets the participant may have). No need for "collateral" on a 401(k) loan. The limit of 50% is not to leave enough money behind to match the loan. It is just there to serve as a limit to how much can be borrowed. The account is supposed to be for retirement security purposes.1 point -
I agree that a close look at the documents is required. Respectable documents will describe transitio of individual fiduciaries and the scope of their powers and responsibilities. This organization also needs some general advice about the corporate and fiduciary relationships. Jane's head does not seem to be in the right place in terms of the appropriate roles, functions, and responsibilities.1 point
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Vacation Time A taxable fringe??
Doghouse reacted to austin3515 for a topic
Pet peeve: Someone asks if something can be done or how to treat something and it gets side tracked into "why does the client want to do such a thing anyway"? If I wanted to know WHY a client wanted to do something, I wouldn't ask you all - I would ask the client! Laughing as I'm typing but had to vent...1 point -
MRD account balance
ETA Consulting LLC reacted to Blinky the 3-eyed Fish for a topic
Yes. The loan is an asset like any other for this purpose.1 point
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