401k loan

[Guest melrse]

My company offers 401k plan through ebs. Does this automatically mean I can take out a loan against my vested money? Does my company benefits person do this or can i go directly through you. Previously I have asked the benefits person no longer there about loans and was told they did not provide them. Is this a decision an employer can make or I am offered this option as part of your ebs company plan?

Thanks

[Guest Pensions in Paradise]

You seem to have this site confused with your plan provider's site. This is a public forum for questions related to employee benefits in general. You need to contact your HR department.

I can attempt to answer your general question though. 401(k) plans are not required to allow loans. You should ask your HR department for a copy of the summary plan description, which is a summary of the plan's key provisions. It will indicate whether loans are allowed. But from what you've indicated, your plan does not allow loans. If that is the case, the only option you have is to talk with your employer and see if you can convince them to amend the plan to allow for loans.