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Dealing with Participant Loan DefaultsFIS Relius Education |
Mar. 30, 2017 Recorded Online Webcast |
Administering participant loans can be one of the most frustrating functions of retirement plan practice. Many practitioners would prefer to simply eliminate loans from the plan; yet, participant loans continue to be one of the most requested plan features. Unfortunately, participant loan defaults are a relatively common occurrence. When a participant defaults on a loan, the plan must address the following issues: When did the default occur and can it be “cured”? Can I distribute the loan? What is the difference between a loan offset and a deemed distribution? How do I report a deemed distribution and a loan offset on Forms 1099-R and 5500? How do I account for the defaulted loan? This 60 minute seminar will address loan basics, in addition to these questions and others, such as: When is a defaulted loan a prohibited transaction? How do I correct a failure to withhold? If the employer fails to deposit the loan repayment is it a default? This seminar will provide you with a better understanding of how to administer loans properly. Topics include: Prerequisites: Objectives: |