Dazednconfused Posted November 3, 2010 Posted November 3, 2010 We took a plan over where a participant has terminated, has two outstanding loans, he is still sending payments by check on one of the loans but stopped on the other one which still has an outstanding balance. Does the plan administrator/sponsor have a responsibility to inform the former participant that his loan payments are behind and the loan will be defaulted? Thanks.
BG5150 Posted November 4, 2010 Posted November 4, 2010 Does the plan allow for terminated participants to make loan repayments? Most of my documents say that the loan is due and payable on termination. QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
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