Felicia Posted May 18, 2006 Posted May 18, 2006 Is the one-year delay in loan repayments for those affected by Hurricane Katrina/Rita/Wilma a mandatory requirement if an individual request it or is it optional and up to the financial institution holding the assets?
E as in ERISA Posted May 18, 2006 Posted May 18, 2006 I think that the IRS issued a notice about last November making it optional on the part of the sponsor whether it wanted to adopt that provision.
E as in ERISA Posted May 18, 2006 Posted May 18, 2006 See the top of page 15 of Notice 2005-92 http://www.irs.gov/pub/irs-drop/n-05-92.pdf The employer can choose. It should probably choose based on what it's service provider can accomodate. Recordkeeping systems aren't really designed to do loan reamorts.
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