Guest fyaym2000 Posted August 11, 2004 Posted August 11, 2004 What are the guidelines for loans on a 401k? Is there a minimum amount that must be in the account? Does the administrator have to honor the loan?
Guest Pensions in Paradise Posted August 12, 2004 Posted August 12, 2004 Ask your employer for a current copy of the plan's SPD (Summary Plan Description). It will indicate whether or not loans are allowed from your plan. If the SPD says that loans are allowed but it does not describe the loan rules, then ask your employer for a copy of the plan's loan policy.
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