Brian Gallagher Posted January 23, 2002 Posted January 23, 2002 Where in the updated code can I see where owner-employees are now allowed to take loans under EGTRRA? Remember: two wrongs don't make a right, but three rights make a left.
jaemmons Posted January 23, 2002 Posted January 23, 2002 According to SEC 613 of EGTRRA, IRC Section 4975(f)(6) was amended, as well as ERISA Section 408(d)(2) to allow for loans to owner-employees and shareholder employees.
Guest merlin Posted January 24, 2002 Posted January 24, 2002 But remember that the plan must have loan language. If it doesn't, or only allows loans to non- owners or non- shareholders it will have to be amended.
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