I am looking for guidance on navigating transferring a 401k plan from TIAA. The plan was set to be transferred to another record keeper, however the new record keeper backed out of the process when they learned that the 15 outstanding loans in the plan are collateralized loans with TIAA. They are now saying they will not take the plan until all 15 loans have been retired, which will take 5 years and require shutting of new loans for existing participants. Unfortunately other record keepers have now taken the same stance.
Is there a creative solution to this? Has anybody successfully navigated this hurdle in the past?
Thanks!
