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Lest I forget to post: 22 years on April 20 I can never say it enough, I am very appreciative to those who have shared (including those who merely asked questions) for in either case it has helped me learn more, either by providing answers I didn't know or rousing my curiosity to research a question that was posed. my apologies to Dave over the years for all the bad dry humor that he wasn't able to stop me from posting. Having met him once, in regards to the Links I can say "Good Job, Walt, good job!" keep up the good work! my apologies to others if I unintentionally provided misinformation or in any way offended or stepped on someone's toes along the way.

You are preaching to the choir on that one. For most of my career (30+ years now) I've been fighting the "well, we'll be a fiduciary so your liability goes down" mantra of those who don't understand co-fiduciary liability (and the attendant monitoring of hired fiduciaries by the plan sponsors or other hiring fiduciary).

That, and he already has a loan he cannot pay. To the bank.

Yes - that would be a great solution but he has already used up that option in the plan.

Might want to consider amending the plan to allow loans. He might be able to get more money and won't have a taxable situation.

Happy birthday, BenefitsLink!

All I Really Need to Know I Learned at BenefitsLink. In stores now...

I think for tuition, the regs even say they can be for 12 months. Not so with mortgage payments.

Somebody buy this site a drink! (and as Tom said: I ... [too] ... am very appreciative...)

This is why we frequently suggest that ESOPs have distribution policies. Many plans are written to say that distributions will commence not later than or made in installments over a period not longer than.... So, the Plan Fiduciary needs to demonstrate consistent and uniform policies in applying these open ended concepts. Sounds like you have already checked the plan and found it not helpful and you don't have a policy. If this is the first time this has happened, this may be the time to start drafting a set of distribution policies. But, I wouldn't do that without some good legal advice.