Guest Pat Metallic Posted April 23, 2002 Posted April 23, 2002 A 401(k) plan has a loan policy that permits a participant to have only 1 outstanding loan at a time. A participant is in the second year of a 2 year loan and would like to take out another 2 year loan to pay off the first loan and use the remainder for other purposes. Is this permitted since the second loan (refinanced loan) is extending beyond the last scheduled repayment date of first loan?
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