Featured Jobs
|
Pattison Pension
|
|
Defined Benefit Plan Consultant/Actuarial Analyst Sentinel Group
|
|
Strategic Retirement Plan Consultant Retirement Plan Consultants
|
|
MAP Retirement
|
|
Plan Administrator, Defined Benefit & Cash Balance The Pension Source
|
|
Regional Vice President, Sales MAP Retirement
|
|
BPAS
|
|
DWC - The 401(k) Experts
|
|
MAP Retirement
|
|
Sentinel Group
|
|
Retirement Relationship Manager MAP Retirement
|
Free Newsletters
“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
|
|
|
What Are the True Costs of 401(k) Loan Defaults After a Big Lay-Off?
Retirement Loan Eraser 
Feb. 28, 2020 "[A] FORTUNE 500 retailer [recently] announced their intent to lay off 2,000 employees in the coming years.... If a fifth of the 2,000 employees had a loan out, which evidence suggests that they do, that equates to approximately $984K in outstanding loans that either will need to be repaid by the impacted employees, or risk defaulting, costing the employees' taxes, penalties, and lost earnings.... [Applying] a modest 6% growth rate to this amount for the next 33 years, the $984K grows to over $7M in lost retirement savings for these employees." MORE >> |
| Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the linked news item's title). |
| An important word about authorship: BenefitsLink® created this link to the news item, but we are not the news item's author (unless expressly shown above). |