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ESOP Loan paid off, time to pay terminees


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Ten-year-old ESOP, loan is now paid off.  We're planning for 2020 and trying to determine how much to pay the terminees.  Plan provides for typical 5 installments for distributions over $5,000 in the year following the year in which the loan is paid off.  For example, a participant retired in 2017 with a $100,000 benefit was supposed to begin receiving distributions in 2018, but did not due to the outstanding loan.  In 2020, does he receive $60,000 ($20,000 for 2018, 2019 and 2020)?  Or does he receive $33,000 (1 of 3 remaining installments due)?

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