Jakyasar Posted January 15, 2021 Posted January 15, 2021 Hi Client asked for a loan from the DB plan last December. Sent the paperwork with all instructions. Client signed the form but did not get the spousal consent nor the spousal consent was notarized. Client took the loan out from the DB plan in December. What is the corrective method for this, if any? Thank you
CuseFan Posted January 15, 2021 Posted January 15, 2021 I believe the correction is to get the proper consent and notarization now or, alternatively repay the outstanding balance immediately. Luke Bailey 1 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
Jakyasar Posted January 16, 2021 Author Posted January 16, 2021 I am getting them to have the paperwork signed and notarized. Thank you for your comments.
FORMER ESQ. Posted January 16, 2021 Posted January 16, 2021 The correction is to get the notarized consent, and if you cannot get notarized consent, the failure can only be fixed through VCP. Bill Presson 1
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