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Found 2 results

  1. This may be a dumb question, but I can't find a definitive answer on this in primary sources. If a loan has been treated as a deemed distribution (because of missed payments) and the 1099-R issued, can the participant make repayments on the loan beyond the 5-year maximum repayment period? It seems to me that this would be fine because the consequence of violating the maximum repayment period requirement is a deemed distribution, which has already occurred. So, after the deemed distribution, repayments beyond the 5-year period have no consequence. Does that seem right? The only example given in the regulations involves repayments within the 5-year period, so it doesn't really address this question. Any thoughts are appreciated.
  2. We have a PS plan with insurance that pre-dates our involvement. One of the participants dealt directly with the insurance company to take out a loan on the policy in his name and claims that the insurance company says he doesn't need to repay it. I don't understand how he managed to get the loan without the trustees consent, but that is a question for another day. I contend that since it is a plan asset, the loan needs to follow the same rules as any other loan i.e. have a loan agreement with the plan and be repaid in installments over 5 years. The loan is almost 3 years old now and I have been telling the client the whole time that there need to be repayments. I contend that the loan is in default and should be taxable to the participant. Is there any exception to the qualified plan loan rules for insurance????? This is our only PSP with insurance, so maybe there is something I'm missing.
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