Additional Loan Repayment

[Dougsbpc]

A participant mistakenly made 1 additional loan repayment on her participant loan to her directed account.

We will have the plan distribute the extra payment to her along with applicable account earnings for the period the additional payment remained in her account.

Does anyone see a problem with this?

Thanks

[Belgarath]

Seems reasonable. Another possibility, depending upon payroll system flexibility, might be to adjust (reduce) the deferral taken out of paycheck for as long as it takes to equal the extra loan repayment, then increase the deferral back up to the original level.

[K2retire]

Seems reasonable. Another possibility, depending upon payroll system flexibility, might be to adjust (reduce) the deferral taken out of paycheck for as long as it takes to equal the extra loan repayment, then increase the deferral back up to the original level.

That sounds like an invitation to make another error to me!