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Loan Repayments not setup in Payroll - Self Correction Under IRB 2008-50?


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Guest cke66edy
Posted

Sponsor did not set up loan repayment in payroll. Not long enough to be deemed distribution. It appears there are corrective procedures under IRB 2008-50 which allow for the re-amortizing of the loan vs. requiring the participant to make it immediately current. It's not clear to me if this can be done under the self-correction program. Can someone confirm that this can be self corrected? Thanks.

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