Guest Statler Posted March 3, 2009 Posted March 3, 2009 Plan A is merging into Plan B.Plan A allows for and has outstanding loans, Plan B does not allow for loans. Since Plan B does not have a loan policy, I would say that they should adopt a loan policy with the same provisions as Plan A that does not allow for new loans. I think it would be a mistake to not have a loan policy for Plan B and try to rely just on the loan agreement. Does this make sense?
J Simmons Posted March 4, 2009 Posted March 4, 2009 It makes sense to me. Plan B will need to have provisions of a loan policy, all except the rules applying to taking new loans. For example, will the loan be considered a directed investment, what are the default rules, etc. John Simmons johnsimmonslaw@gmail.com Note to Readers: For you, I'm a stranger posting on a bulletin board. Posts here should not be given the same weight as personalized advice from a professional who knows or can learn all the facts of your situation.
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