K-t-F Posted March 24, 2005 Posted March 24, 2005 What happens when a participant dies and there is an outstanding loan that the surviving spouse knew nothing about? No spousal signature on the loan doc. Is she liable for the loan? any recourse? Its not easy being green
Belgarath Posted March 24, 2005 Posted March 24, 2005 Was the plan subject to QJSA? If not, then no spousal consent is required anyway. 1.401(a)-20, Q&A-24.
WDIK Posted March 25, 2005 Posted March 25, 2005 Can you somehow combine the correction principals under Sections 6.04 and 6.07 of Revenue Procedure 2003-44? The former section pertains to failure to obtain spousal consent and the latter to plan loan failures. ...but then again, What Do I Know?
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