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|Not Sure I Understand Qualified Loan Offsets|
BenefitsLink Message Boards
May 11, 2021
"Reading a previous question, I just want to make sure I understand this. I thought that if a participant had an outstanding loan and they obtained a qualified event like the plan allows for early distribution, that the participant would be able to offset the remaining outstanding balance of the loan due to qualifying event. So if John was 58 when he took a loan for $10,000, after a year and half, he decides that he wants the remaining loan balance (say it's $7400 now) to be offset because he's now 59-1/2, I thought that was permissible. Am I wrong?"
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