AlbanyConsultant Posted March 16, 2007 Posted March 16, 2007 A participant has an IRS lien against her wages that states that she cannot make 401(k) deferrals from her paycheck (presumably until the lien is satisifed). However, she now wants to take a loan from her existing account balance. This is not mentioned in the lien specifically (I'm hoping to get a copy of the actual lien soon so I can verify its contents), but should the employer allow the loan? Any suggestions? My first thought was that they should call the agent/office who issued the lien, but they don't seem eager to do that...
Jim Chad Posted March 16, 2007 Posted March 16, 2007 I would think the employer should ask an ERISA Attorney to look at the lien, and if it does not say anything about loans, probably approve the loan.
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