TIAA-CREF / Loan Program

[austin3515]

Got a TIAA client and we are restating their document onto ours. TIAA's plans say "are loans allowed - yes or no." What I am wondering is, do I need a separate loan program, or do the TIAA contracts incorporate the true loan program? I am also told by TIAA that each individual promissory note includes all of the provisions regarding default, payment terms, etc. Additionally, the loan is actually with TIAA-CREF and merely collaterized by their account balance in the TIAA Traditional account, and I'm quite sure that any loan program would have to describe all of this.

So what are people doing who work with TIAA with respect to a loan program? We're using Corbel's PT Formatted 403b document.

[mbozek]

If the participant wants a loan from a t/c contract which is a qualified loan then the loan must conform to t/c procedures. Need to adapt the corbel plan document to the T/c procedures in order for participants under the plan who take loans from t/c contracts to obtain qualified loans. If corbel document cannot be modified to conform to t/c procedures then plan should not permit loans from T/C contracts.