ERISA-Bubs Posted October 15, 2014 Posted October 15, 2014 We withheld loan payments from a participant's pay but didn't timely remit them to the plan. Now we are going to get them in the plan, but the loan is paid off. How do we get the loan payments in the plan? How do we classify them?
QDROphile Posted October 15, 2014 Posted October 15, 2014 How did the loan get paid if loan payments were not delivered?
ERISA-Bubs Posted October 15, 2014 Author Posted October 15, 2014 Basically, we missed a couple loan payments (withheld and not delivered) and before we could get them into the Plan, the participant exercised his option to pay off the plan early in full.
Lou S. Posted October 15, 2014 Posted October 15, 2014 The loan is paid off, return the payments directly to the participant.
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