JRG Posted January 21, 2018 Posted January 21, 2018 A 401(k) plan limits partiicpants to 1 plan loan at a time. It was discovered last year that a participant took out 2 plan loans. Is this an operational failure? How is this corrected? VCP?
ETA Consulting LLC Posted January 21, 2018 Posted January 21, 2018 Yep and Yep. Good Luck! CPC, QPA, QKA, TGPC, ERPA
Madison71 Posted January 22, 2018 Posted January 22, 2018 I believe this may be one where you can self correct by retroactively amending to allow for two loans. EPCRS has very limited SCP correction availability for loans, but I believe this may be one of them. JJRetirement 1
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